Carlsberg's Larger Stake in China Brewery Approved

(Beijing) -- Danish brewer Carlsberg won approval from China's Ministry of Commerce to increase its investment in the state-owned Chongqing Brewery Co.

According to a public statement from Chongqing Brewery, the company will sell 59.29 million shares to Carlsberg at 40.22 yuan per share, accounting for 12.25 percent of the company's total equity.

The 2.38 billion yuan worth deal will raise Carlsberg's holding in the Chongqing Brewery to 29.71 percent, a controlling stake.