01 June, 2004

Hong Kong: Shares in China's Harbin Brewery Group Ltd were suspended on June 1 amid market expectations that U.S. beer giant Anheuser-Busch would make a takeover offer for the company, according to Reuters. Harbin officials could not immediately be reached and Anheuser-Busch declined immediate comment. Harbin, China's fourth-largest beer maker, is already the target of a hostile US$550 million bid from SABMiller, which values the company at HK$4.30 a share.

Trading in the shares of Harbin was suspended on Tuesday at the request of the company, the Hong Kong stock exchange said. Both Anheuser-Busch and SABMiller hold nearly 30 % of Harbin.

Shares of Harbin Brewery finished at HK$5.10 on Monday. Through Monday's close, they had rallied about 45 % in the past three months.

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