San Miguel in talks to buy breweries in China

[IndianaGreen]

San Miguel in talks to buy breweries in China
Posted: 9:32 PM | Jul. 30, 2003

Doris Dumlao
Inquirer News Service

FOOD and beverage giant San Miguel Corp. on Wednesday said it was in talks to acquire the breweries in mainland China of the Lion conglomerate, the second biggest corporate borrower in Malaysia.

"We had been in discussions with Malaysia's Lion Corp. but no agreements had been reached," San Miguel said in a disclosure to the Philippine Stock Exchange.

The Lion group, which went on an expansion binge since the mid-1980s with the purchase of businesses in China, Hong Kong and Singapore ranging from chocolate to beer and shopping malls, has embarked on a corporate restructuring in the aftermath of the 1997 Asian currency turmoil.

The Lion group, which has 11 breweries in China, also has interests in steel, property development, retailing and automotive.

San Miguel, which recently took in Japan's Kirin Brewery as a strategic partner, is spending 28 billion pesos for regional expansion starting this year. It plans to expand in Thailand, Malaysia, Vietnam, Indonesia, Taiwan, Australia and South China.

http://money.inq7.net/topstories/view_topstories.php?yyyy=2003&mon=07&dd=31&file=1

[saigon68]

1. good beer

kick