SABMiller strengthens position in Zhejiang

SABMiller's joint venture with China Resources Enterprise, CR Snow, is to acquire the remaining 55% and 25% stakes, respectively, in Hangzhou Xihu and Huzhou breweries from Asahi Breweries Itochu. The $47m deal strengthens CR Snow's position in Zhejiang province, one of the largest markets in central China, the brewer said.

The acquisition of the Hangzhou Xihu Beer and Huzhou Brewery follows recent strategic transactions to build CR Snow's presence in key markets and grow value, said the firm.

In July, CR Snow announced it had acquired Heineken-APB's 49% equity interest in Jiangsu Dafuhao Breweries, and its 100% equity interest in Shanghai Asia Pacific Brewery.