China Resources eyes more brewers after Snow beer buy

Hong Kong

CHINA'S top brewer could start acquiring smaller competitors to cement its leading position in the Chinese beer market, after buying out venture partner SABMiller plc and taking full ownership of the world's best-selling Snow beer.

China Resources Beer (Holdings) Co on Wednesday agreed to buy SABMiller's stake in Snow Breweries for US$1.6 billion, smoothing the way for a takeover of its partner by Anheuser-Busch InBev NV. The Hong Kong-listed unit of China Resources Holding Co currently owns 51 per cent of the venture.