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SABMiller plc - SABMiller Obtains Exceptional Value for Harbin Brewery Stake
SABMiller plc
JSEALPHA CODE: SAB
ISSUER CODE SOSAB
ISIN CODE GB0004835483
SABMiller Obtains Exceptional Value for Harbin Brewery Stake
Hong Kong 3 June, 2004 -- SABMiller announces that it will not proceed with its
voluntary offer of HK$4.30 for shares in Harbin Brewery and that it will accept
the offer of HK$5.58 that Anheuser-Busch (`AB`) has announced it will be making
for shares in Harbin Brewery.
AB will pay SABMiller US$211 million and the Company will realise a substantial
profit over the price it paid to purchase the stake in Harbin Brewery in July
2003. SABMiller believes that the offer price by AB of HK$5.58 more than fully
values the potential of the company and it is in the best interests of SABMiller
and its shareholders to accept.
SABMiller has made clear since announcing its offer for Harbin Brewery that
Harbin Brewery could benefit from becoming a part of SABMiller`s China strategy
through the potential synergies to be derived by aligning Harbin Brewery with
its interest in China Resources Breweries. However, it had also indicated that
Harbin Brewery was not an essential asset at any price.
SABMiller already has an established position in China and will continue to make
further investments to strengthen this through its joint venture interest in
China Resources Breweries (CRB). CRB already owns 32 breweries throughout China
and leading local and regional beer brands, which have the potential to become
national brands over time. CRB will continue to pursue solid organic growth and
will consider other asset acquisitions if the value is appropriate and it
strengthens CRB`s strategic interests in China.
Commenting on the announcement SABMiller CEO Graham Mackay said, `We remain
fully committed to the Chinese beer market and we must evaluate every potential
acquisition on its merits. We believe that the AB offer price for Harbin more
than fully values the business, even after taking into account the significant
synergies uniquely available to us.`
We have a successful ten year history of expansion and profitability in China
and a clear strategy to grow the business through CRB, which I am pleased to say
remains on course.`
For more information, please contact:
SABMiller
Sue Clark +44 7850 285 471
Gary Leibowitz +44 7717 428 540
Burson-Marsteller
Stephen Thomas +852 2963 6705, +852 6194 9013
Cecile Kung +852 2963 6736, +852 9255 7411
About SABMiller
SABMiller plc is one of the world`s largest brewers, with major brewing and
distribution operations in America, Africa, Europe and Asia and 2003/4 lager
volumes of approximately 138 million hectolitres. It has a brewing presence in
over 40 countries across four continents and a portfolio of strong brands and
leading market shares in many of the countries in which it has brewing
operations. Outside the United States, SABMiller is one of the largest bottlers
of Coca-Cola products in the world. The company is listed on both the London and
the Johannesburg stock exchanges. SABMiller, through its joint venture in
China, China Resources Breweries, operates 32 breweries in 9 provinces in China
with total volumes of over 27 million hectolitres in the year ended 31 March
2004. It entered the China market in 1994 and is one of the few profitable
foreign brewers operating in China.
Date: 03/06/2004 01:30:13 PM Produced by the JSE SENS Department
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