HONG KONG (Reuters) - China Resources Beer (Holdings) Co Ltd (0291.HK) said on Wednesday it will look at cooperation and acquisition opportunities that can help boost its strategy in developing mid- to high-end beer products.
Chief Executive Officer Hou Xiaohai made the comment regarding the company’s M&A strategy at a results briefing, but declined to say whether the company is in talks to acquire Heineken NV’s (HEIN.AS) China business.
Reuters reported earlier the owner of the Snow beer brand is in talks to acquire the Dutch beer company’s China business in a deal that could be worth more than $1 billion, as it seeks new growth from premium brands.
The Chinese brewer posted a 4.4 percent rise in annual pre-tax profit, benefiting from an increase in beer sales volume and average selling price, and as it focuses on higher margin premium beers.
Reporting by Donny Kwok; Writing by Clare Jim; Editing by Subhranshu Sahu