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Battle Heats Up As Anheuser-Busch Bids For Chinese Brewery
SHANGHAI, China -- The Chinese brewery at the center of a takeover battle between the world's two biggest beer makers said Wednesday it prefers the most recent bid by Anheuser-Busch.
In a notice issued to the Hong Kong Stock Exchange, Harbin Brewery Group urged shareholders to shun a lower unsolicited bid by SAB Miller, the world's second largest beer brewer behind Anheuser-Busch.
Tuesday, Anheuser-Busch stepped up the battle for control of the Chinese brewery by disclosing it had acquired another 7 percent of Harbin's shares on top of the 29 percent stake purchased last month.
With a 36 percent stake, Hong Kong Stock Exchange rules now require Anheuser-Busch to make a bid for the remaining shares in Harbin Brewery..
SHANGHAI, China -- The Chinese brewery at the center of a takeover battle between the world's two biggest beer makers said Wednesday it prefers the most recent bid by Anheuser-Busch.
In a notice issued to the Hong Kong Stock Exchange, Harbin Brewery Group urged shareholders to shun a lower unsolicited bid by SAB Miller, the world's second largest beer brewer behind Anheuser-Busch.
Tuesday, Anheuser-Busch stepped up the battle for control of the Chinese brewery by disclosing it had acquired another 7 percent of Harbin's shares on top of the 29 percent stake purchased last month.
With a 36 percent stake, Hong Kong Stock Exchange rules now require Anheuser-Busch to make a bid for the remaining shares in Harbin Brewery..
