Danish brewer Carlsberg A/S has won approval to nearly double its stake in China’s Chongqing Brewery, from 29.7 percent to 60 percent. China’s Securities Regulatory Commission (CSRC) granted its approval at the end of October, and the takeover bid started on November 5. The $476 million deal is expected to close on December 4.

Carlsberg—the world’s fourth-largest brewer—became Chongqing Brewery’s largest stakeholder in 2010 and launched its current takeover bid in March 2013. Chinese shareholder Chongqing Beer Group Co. has already agreed to sell its 20 percent stake in Chongqing Brewery at the price of 20 yuan per share.

The takeover is part of a larger strategy to increase Carlsberg’s revenues from Asia.

In mid-November the brewer won approval from Danish authorities for a change in ownership structure that should allow it to pursue mergers and acquisitions in Asia. Asia makes up just 14 percent of Carlsberg’s current sales, while the majority come from slowing markets in Russia and Eastern Europe.

Carlsberg was China’s sixth-largest brewer in 2012 with a 2.6 percent market share, according to Euromonitor. The analysis firm values China’s current beer market at $74 billion.

Posted by Catherine Matacic