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Fosun buys 18 pct stake in Tsingtao Brewery
Last Updated: 2017-12-22 08:33 | Xinhua
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Chinese investment conglomerate Fosun International has agreed to buy a 17.99 percent stake in Tsingtao Brewery fromJapanese beverage group Asahi.

Fosun announced Wednesday night that it would buy 243 million shares of Tsingtao Brewery in Hong Kong at a price of 27.22 Hong Kong dollars per share.

The offer represents a 32 percent discount on Tsingtao Brewery's closing price of 40 Hong Kong dollars Wednesday.

The deal, valued at about 6.6 billion Hong Kong dollars (843 million U.S. dollars), is expected to be closed in the first quarter of 2018.

Tsingtao Brewery, based in the eastern Chinese city of Qingdao, is one of the country's oldest breweries. It sells products in more than 100 countries and regions worldwide.

Tsingtao Brewery reported 1.87 billion yuan (285 million U.S. dollars) in net profits and 23.4 billion yuan in revenues in the first three quarters this year.

Fosun International rose 5.17 percent to 17.08 Hong Kong dollars per share, while Tsingtao Brewery fell 3 percent to 38.80 Hong Kong dollars per share by 10:55 a.m. in Hong Kong Thursday.

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