--- title: "China Resources Beer Acquires SABMiller's 49% Stake in Snow Breweries for $1.6 Billion" description: "China Resources Beer (Holdings) Company Limited (HK, 00291) announced this morning that it will acquire SABMiller Asia's 49% stake in China Resources Snow Breweries for $1.6 billion, giving it full control of China's largest beer company. The deal marks a significant step for China Resources Beer to streamline its business and for SABMiller to resolve competitive conflicts in China." author: "边长勇" publisher: "New Distribution" email: "zhaobo258@gmail.com" telephone: "+8615854817671" published: "2016-03-02" language: "en" canonical: "https://xinjignxiao.com/en/articles/china-resources-beer-acquires-sabmiller-s-49-stake-in-snow-breweries-for-281b843a/" markdown: "https://xinjignxiao.com/en/articles/china-resources-beer-acquires-sabmiller-s-49-stake-in-snow-breweries-for-281b843a.md" original_source: "https://mp.weixin.qq.com/s/u88dj9fzdaDidMmRKRoUTw" translation: "https://xinjignxiao.com/zh/articles/%E5%8D%8E%E6%B6%A6%E5%95%A4%E9%85%9216%E4%BA%BF%E7%BE%8E%E5%85%83%E6%94%B6%E8%B4%ADsab%E7%B1%B3%E5%8B%92%E6%89%80%E6%8C%8149-%E9%9B%AA%E8%8A%B1%E8%82%A1%E4%BB%BD-281b843a.md" attribution: "New Distribution — https://xinjignxiao.com/en/articles/china-resources-beer-acquires-sabmiller-s-49-stake-in-snow-breweries-for-281b843a/" usage_policy: "https://xinjignxiao.com/ai-policy.txt" --- # China Resources Beer Acquires SABMiller's 49% Stake in Snow Breweries for $1.6 Billion > China Resources Beer (Holdings) Company Limited (HK, 00291) announced this morning that it will acquire SABMiller Asia's 49% stake in China Resources Snow Breweries for $1.6 billion, giving it full control of China's largest beer company. The deal marks a significant step for China Resources Beer to streamline its business and for SABMiller to resolve competitive conflicts in China. This morning, China Resources Beer (Holdings) Company Limited (HK, 00291, hereinafter referred to as China Resources Beer) announced that it will purchase the 49% stake in China Resources Snow Breweries held by SABMiller Asia for $1.6 billion. The remaining 51% is already held by China Resources Beer, which means that China Resources Beer will have full control of this largest beer company in China. Snow Breweries was jointly established by China Resources Enterprise and the world-renowned beer company SABMiller in the 1980s, with the two shareholders holding 51% and 49% respectively. China Resources Enterprise has now been renamed China Resources Beer (Holdings) Company Limited, and Snow Breweries has grown into China's largest beer company and ranks among the top globally. The change in SABMiller's stake was not without warning. On April 21 last year, China Resources Enterprise announced the sale of its non-beer businesses to its parent company, China Resources Group, to focus on the beer business. Since China Resources Enterprise was determined to become a beer-focused company, the most pressing question for the capital markets and beer industry insiders was whether the 49% stake issue would be resolved. A reporter from China Business News interviewed SABMiller on this matter. At that time, SABMiller Asia CEO Anton said, "Even if China Resources Enterprise successfully divests its non-beer businesses, the shareholder structure of China Resources Snow Breweries will not change directly." This statement seemed clear, but it only reflected the attitude at that time and did not predict the future. Therefore, the reporter also interviewed another SABMiller executive separately, who said: "SABMiller's top management attaches great importance to its 49% stake in China Resources Snow Breweries," implying that the possibility of letting go was very small. However, in the reporter's view, this only indicated that negotiations would be tough and the price would be high, but it did not mean it was impossible. If the 49% stake were left outside China Resources Beer for a long time, its capital market valuation would definitely be discounted, and full control of Snow was imperative. Facts have proven all this. The price of $1.6 billion is very good for SABMiller. For this investment alone, SABMiller has achieved a very high return. Of course, SABMiller's exit is not just about money. A few years after completing the Snow investment, SABMiller was acquired by another global beer group, InBev, which also acquired another global beer group, Anheuser-Busch. InBev also made direct investments in China, creating one of the most peculiar phenomena in China's beer industry: multiple controlled and affiliated subsidiaries under InBev were competing with each other, making it difficult to distinguish friend from foe. Now, selling the Snow Breweries stake largely resolves this issue, and they can meet on the battlefield without any concerns. For China Resources Beer, although the $1.6 billion price is not low, bringing Snow fully under its control is definitely a good deal. 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