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SABMiller vs. Anheuser-Busch: The Takeover Battle for Harbin Brewery |
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"Harbin Brewery is the fourth largest brewer (in the country). As AB (Anheuser-Busch) and SABMiller already have stakes in the first and second largest brewers, respectively, whoever gets Harbin Brewery will emerge as the market leader in China. So Harbin has become the key in securing a more dominant market share for both players." 1 - Standard & Poor's Asia Equity Research, in May 2004. "What you have is a battle between two giants, and the one who wins will be the loser. They will be paying an excessive price for a small brewery. They will really be paying more than double what the brewer is worth." 2 - Francis Lun, General Manager, Fulbright Securities Ltd., in June 2004. End of the BattleOn June 03, 2004, SABMiller Plc., the second largest brewer in the world, announced that it had dropped its hostile bid of US$ 550 million (mn) for Harbin Brewery Group (Harbin), China's fourth largest brewer. The move came after the company's arch rival, the US-based Anheuser-Busch Inc. (AB), the world's largest brewer, launched a counter bid of US$720mn on June 01, 2004. AB had recently increased its stake in Harbin to 36%.
Harbin, which from the beginning of the take-over battle in May 2004 had made it clear that it preferred AB to SABMiller as its foreign partner, was relieved by SABMiller's withdrawal. In a statement, Harbin said, "The board welcomes the withdrawal of the SABMiller offer. The board fully supports the Anheuser-Busch offer, the acceptance of which it intends to recommend to shareholders."4
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1] "Focus - China's Harbin Brewery to See SABMiller vs. Anheuser-Busch Bid War," www.foodservice.com, May 05, 2004. |
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