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Snow acquires Amber for 285m yuan to fight against Tsingtao

By Ding Qingfen (chinadaily.com.cn)
Updated: 2009-03-16 13:35

China Resources Snow Breweries (Snow), China's largest brewery by output volume, said it has made an offer to acquire Shandong-based Amber Breweries (Amber) for 285 million yuan ($41.67 million) to enhance its presence in China's East Shandong market dominated by Tsingtao beer.

The proposed acquisition calls for the setting up of a joint venture in which Snow will own a 90 percent interest. The remaining portion will be owned by Amber. According to the draft agreement, Snow will acquire Amber's stake in the joint venture in three years.

Snow said that after the acquisition, it will inject 54 million yuan in fresh capital to upgrade Amber's production facilities to raise annual output to 300,000 kiloliter from 270,000 kiloliter .

Shandong is one of China's largest beer consumption provinces. Tsingtao Beer, the nation's second largest brewery, has a stranglehold of more than 40 percent share of the market.