© 2022 St. Louis Public Radio
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Other

Harbin Urges Shareholders to Accept A-B Bid

1582349-1385233477.jpg
(Harbin Brewery Group)
/

By AP/KWMU

Shanghai, China – The Chinese brewery at the center of a takeover battle between the world's two biggest beer makers says it prefers the most recent bid by Anheuser-Busch.

In a notice issued to the Hong Kong Stock Exchange, Harbin Brewery Group is urging shareholders to shun a lower unsolicited bid by SABMiller, the world's second largest beer brewer behind Anheuser-Busch.

Yesterday, Anheuser-Busch stepped up the battle for control of the Chinese brewery by disclosing it had acquired another seven 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.

Other

Send questions and comments about this story to feedback@stlpublicradio.org.