March 2, 2016 / 1:32 AM / 4 years ago

China Resources Beer jumps on deal to buy $1.6 bln stake in Snow

HONG KONG, March 2 (Reuters) - Shares of China Resources Beer (Holdings) Co Ltd are set to open 25.2 percent higher on Wednesday after the Chinese brewer said it would buy a 49 percent stake in China Resources Snow Breweries in a bid to gain full ownership of the country’s top beer brand.

The stock is set to open at HK$16, the highest open since Jan. 7, outpacing a 1.96 percent rise in the benchmark Hang Seng Index.

The brewer said it had reached agreement with Anheuser-Busch InBev SA/NV to buy the stake held by SABMiller Plc for $1.6 billion, in a deal subject to regulatory approvals and completion of the ABI-SABMiller acquisition.

Reporting by Donny Kwok; Editing by Stephen Coates

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