Carlsberg gets Chongqing bid approval

Carlsberg Brewery Hong Kong Ltd has passed the anti-monopoly investigation by the Ministry of Commerce in its partial tender offer to purchase more equities in Chongqing Brewery Co Ltd, the Chongqing-based beverage maker said on Monday.

The Hong Kong company will file the purchase application to the China Securities Regulatory Commission to finalize the deal, said Chongqing Brewery.

The brewery received a partial tender offer in March from Carlsberg Hong Kong to purchase 147 million of its shares at 20 yuan ($3.3) per share, accounting for 30.29 percent of its total equity.

Carlsberg Foundation currently holds 29.71 percent of Chongqing Brewery’s stocks through its two wholly-owned subsidiaries in Hong Kong and Chongqing.

At the end of the tender offer’s validity term, Carlsberg Hong Kong will hold a maximum of 42.54 percent of the brewery’s equity while Carlsberg Foundation’s shares will not exceed 60 percent.