Lucky me
It’s a funny old world: For years no one had been mad enough to buy Lion Nathan’s three unprofitable breweries in China. Then, suddenly SABMiller comes along, clinches the deal and tells the world that though this be madness, there was method in it. After losing out on the Harbin brewing business in China to Anheuser-Busch, SABMiller has announced the acquisition of Lion Nathan’s Chinese division for USD154 million, including about USD83 million of debt. Apparently, SABMiller thought it best to immediately recycle the USD211 million of cash it generated when it sold its shares in Harbin to Anheuser-Busch a few months ago. The Chinese market is the largest in the world yet highly fragmented, making it hard for brewers to make any money.8, which is more in line with the average.5 million..
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