Hong Kong: Anheuser-Busch Cos is set to take Harbin Brewery private after a U.S. fund sold its 10.01 percent stake in the Chinese brewer, a source familiar with the situation said on July 8. Castlerigg Master Investments Ltd. sold its stake on July 5, according to a stock exchange filing, Reuters revealed on July 8, 2004.
Anheuser-Busch, brewer of Budweiser, owned about 83.54 percent stake in China's fourth-largest beer maker Harbin Brewery as of June 30 after agreeing to take over the firm in a deal worth US$720 million or HK$5.58 a share. Anheuser-Busch won a landmark takeover battle with arch-rival SABMiller for control of Harbin.
It is likely that Anheuser-Busch now holds more than a 93 percent stake, which means it will take Harbin private, said one analyst who declined to be identified.
Anheuser-Busch had said in its offering document that it intends to delist Harbin shares once it holds at least 90 % in the Chinese brewer. The U.S. brewer is expected to make an announcement after the Hong Kong stock market closes on Friday, when its general offer is set to close.
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