Carlsberg: Chongqing stake doubled

Danish brewer Carlsberg had raised its stake in China’s Chongqing Brewery to 60 percent, strengthening its foothold in the largest beer market by volume, Chongqing said yesterday. Asia has become the main battleground for the top four global brewers as they seek to offset sluggish sales in Europe and the US. “It was essential for Carlsberg to get the majority stake,” Sydbank analyst Morten Imsgard said. Carlsberg purchased an additional 30.3 percent for 2.9 billion yuan (R4.9bn) yesterday, and hoped to further increase its holding, the Chinese firm said. – Reuters