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Business deals

Heineken and CR Beer aim to quench China's premium beer thirst

Partnership to vie with local rivals, AB InBev for leadership in lucrative market

A $3 billion deal signed today by two brewing giants has intensified the fight for leadership in China's premium beer market, a segment which is considered critical for future success in the industry.

China Resources Enterprise, the owner of China's largest brewer China Resources Beer, said Thursday it will buy 5.2 million Heineken shares, a stake of 0.9%, for 463.63 million euro ($536.6 million). Meanwhile, the Dutch brewer will take a 40% stake in CRH Beer, the majority shareholder of China Resources Beer, for HK$24.35 billion ($3.1 billion).

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