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Legend acquisition signals heightened M&A activity in liquor industry

By Ji Beibei (Global Times)

08:30, September 18, 2012

Industry insiders see an increase in merger and acquisition (M&A) activities in the liquor sector in the coming years after Legend Holdings Ltd, the parent of personal computer giant Lenovo Group Ltd, completed its third acquisition in the liquor business since June 2011.

Legend's liquor subsidiary bought Shandong-based Qufu Confucius Family Liquor Co at a price tag of 400 million yuan ($63.2 million) Sunday, the subsidiary told the Global Times in an e-mail statement Monday.

"The deal symbolizes the arrival of a period of heightened M&A activities, which will be a dominant trend in the coming decade," Shu Guohua, a liquor marketing expert, told the Global Times.

The liquor sector in China is set to see a boom in the next three years, with the current yearly production of around 10 million kiloliters expected to double by 2015, said Wu Jianhua, secretary-general of the Shanghai Drinks Association.

The sector, featuring a large number of breweries, is expected to see faster consolidation with small breweries being acquired or merged, Wu told the Global Times Monday.

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