Business Services Industry
LION NATHAN TO SELL CHINESE BEER BUSINESS.
AsiaPulse News, September, 2004
SYDNEY, Sept 15 Asia Pulse - Trans-Tasman beer and wine group Lion Nathan Ltd (ASX:LLN) is selling its Chinese beer business to the second largest brewer in China for $US154 million, or $A219 million.
Lion Nathan said today it had entered into an unconditional agreement to sell Lion Nathan China to China Resources Breweries (CRB), a joint venture between SABMiller and China Resources Enterprises.
The sale to CRB, which operates more than 30 breweries in the Chinese mainland, follows the conclusion of a competitive sales process.
The sale price represented a premium to the book value of Lion Nathan China of around $A120 million. The consideration comprised approximately $US71 million in cash as well as the assumption of CRB of about $US83 million in...
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