Qingdao Brewery Purchases Carlsberg SharesQingdao Brewery Co., Ltd. signed an agreement Wednesday with Carlsberg Brewery (Denmark) to buy 75 percent of the stock of its joint venture in Shanghai at 150 million yuan (over 18 million US dollars).The two sides also planned for their future cooperation in management, technology and marketing. The joint venture, Carlbrew Brewery (Shanghai) Limited, was founded in 1996 with joint investment from Carlsberg Brewery HK Ltd. and Shanghai Songjiang Economic and Technology Development Co.producing 100,000 tons of beer annually. The two partners hold 95 percent and five percent of the total shares respectively. Carlsberg is among the world's top beer producers, while the Qingdao Brewery, founded in 1903, has the largest beer output in China. Qingdao Brewery Co., Ltd. is expected to expand its business to overseas markets, while Carlsberg wants to improve its market shares in China. |
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