Anheuser-Busch Wins China Brewer
Anheuser-Busch Cos. won China's first big takeover battle featuring foreign companies, gaining control over the fourth-largest brewery in the world's largest beer market by volume. But its fight with archrival SABMiller PLC in the increasingly important Chinese beer market is just getting started.
SABMiller, the world's second-largest brewer and maker of the Miller brand, said it was withdrawing its hostile bid, which sparked the takeover tussle for Harbin Brewery Group Ltd. SABMiller, based in London, also will sell its 29.4% stake in the company to Anheuser-Busch.
The end of the first takeover battle between two foreign companies for a publicly listed Chinese company hands Anheuser-Busch a strong foothold in China's industrial northeast, home to the country's most-devoted beer drinkers.
SABMiller had bid 4.30 Hong Kong dollars (55 U.S. cents) a share on May 5 for Hong Kong-listed Harbin, valuing the brewery at US$550 million, while Anheuser-Busch countered Tuesday with an offer of HK$5.58 per share, putting Harbin's value at US$720 million. The remainder of Harbin's shareholders are expected to accept Anheuser-Busch's offer.
Harbin's shares were suspended from trading in Hong Kong yesterday, but they closed Wednesday at HK$5.95, up 84% since the end of April, when SABMiller and Anheuser-Busch began fighting for control of the company. Meanwhile, Anheuser-Busch shares edged up five U.S. cents to US$53.92 each as of 4 p.m. in New York Stock Exchange composite trading.
Anheuser-Busch's aggressive pursuit of Harbin shows how determined the U.S. brewer is to expand its presence in China and lessen its dependence on the stagnant U.S. beer market. Unlike SABMiller and Dutch brewer Heineken NV, which have swallowed up brewers around the world, Anheuser-Busch previously has made only a few passive investments in a handful of foreign brewers.
The deal will leave SABMiller with a profit of US$124 million on its initial investment -- along with a question about how to build enough scale in China to maintain a sustainable profit in the short-term.
Andre Parker, SABMiller's Asia chief, said he regretted not gaining control of Harbin but was unable to justify topping Anheuser-Busch's bid, which equates to about 50 times Harbin's 2003 net profit of US$14.7 million. "There's a price or ceiling to every deal. No deal has to be done," he said.
But Mr. Parker said SABMiller will continue hunting for acquisitions in northeast China, though its desire to buy more Chinese breweries isn't limited to that region of the country. SABMiller has enough cash to fund further acquisitions in China, where dozens of brewers remain up for grabs. "Our appetite has not diminished," Mr. Parker said.
People familiar with the situation said the company was mulling over a bid for Ginsber Beer Group, a key rival in the Jilin province that would strengthen its foothold in the northeast. Ginsber previously had a joint venture with Bass PLC of Britain, which withdrew from China in 2000. Bass is now part of Interbrew SA of Belgium.
Foreign brewers are eager to expand in China's huge and fast-growing beer market. China has annual beer sales of US$6 billion and is growing at 6% a year, compared with annual growth of 1% to 2% in developed markets such as the U.S. and Europe.
The takeover battle now may produce even tougher competition between the two foreign beer giants in northeast China, where Harbin and China Resources Breweries, which is 49% owned by SABMiller, each have about a 30% share.
Anheuser-Busch's control of Harbin effectively "stops a monopoly from happening," says Derek Law, a principal at consulting firm Monitor Group in Beijing. Instead, the purchase puts the whole northeastern region up for grabs again, promising to turn it into a brutal arena for competition, Mr. Law adds.
Harbin gives Anheuser-Busch control of a low-cost local brand in a nation where a bottle of beer can sell for just 12 U.S. cents. Anheuser-Busch holds a 9.9% stake in Tsingtao Brewery Co., but doesn't have operational control. Its main presence in China has been its Budweiser brand, which it markets as a premium product across China. Now it can prevent Harbin, which mostly sells low-price beers, from moving more upscale and competing more directly with Budweiser.
Analysts were quick to question whether Anheuser-Busch is overpaying. "The price ... is very high for Anheuser-Busch to pay because currently they don't have any synergies to merge with Harbin," said Lilian Leung, an analyst at ING Financial Markets in Hong Kong.
"We believe the people who understand the Chinese beer market will understand the strategic value of this investment," an Anheuser-Busch spokesman said.
Management at Harbin welcomed the takeover by Anheuser-Busch. Peter Lo, Harbin's chief executive, said Wednesday, "The SABMiller offer was wholly unsolicited and not welcomed by the management or employees of Harbin. I am therefore delighted that Anheuser-Busch has stepped in as a white knight with a counterbid."
哈尔滨啤酒竞购战尘埃落定
中国啤酒市场竞争硝烟初现
安海斯(Anheuser-Busch Cos.)击败竞争对手SABMiller PLC，获得了中国销量第四大啤酒厂的控制权，在第一个全部由外国公司竞标中国公司的交易中获得胜利。但是，在中国这个日益重要的啤酒市场上，一场硝烟弥漫的大战才刚刚拉开帷幕。
身为全球第二大酿酒商和Miller品牌的生产商，总部位于伦敦的SABMiller率先发出敌意收购要约，掀起了一场针对哈尔滨啤酒(Harbin Brewery Group Ltd.)的收购大战。日前，SABMiller宣布撤回敌意收购，并将所持29.4%的哈尔滨啤酒股权转让给安海斯。
这场两家外国公司对中国上市公司的首轮竞购战，以安海斯大获全胜而告终。这让安海斯在中国的老工业基地，同时也是最重要的啤酒市场──东北部地区站稳了脚跟。
SABMiller于5月5日向香港上市的哈尔滨啤酒发出了每股4.30港元（合55美分）的收购要约，相当于将后者全部资产作价5.5亿美元。安海斯紧接著在接下来的周二发出每股5.58港元的收购价，相当于后者价值7.2亿美元。持有哈尔滨啤酒剩余股份的股东预计将接受安海斯的报价。
哈尔滨啤酒的股票从上周四开始在香港交易所暂停交易，但上周三收盘价已升至5.95港元，较4月底SABMiller和安海斯发动哈尔滨啤酒控制权之战时的价格高出了84%。
安海斯积极应战之举表明这家美国公司决意拓展中国市场，并减少对已陷入停滞期的美国啤酒市场的依赖。与SABMiller和荷兰的喜力公司(Heineken NV)不同，此前安海斯极少主动投资外国酿酒公司。
SABMiller抽身而退，一方面得到了当初对哈尔滨啤酒的投资所获得的1.24亿美元利润；另一方面却面对著如何在中国啤酒市场占据足够领地，在短期内维持利润水平的难题。
SABMiller亚洲业务主管帕克(Andre Parker)称，对未能获得哈尔滨啤酒的控制权深表遗憾，但公司没有理由提出高于安海斯的出价，安海斯的出价已经逼近哈尔滨啤酒2003年净利润1,470万美元的50倍。他说，“任何一笔交易都有一个最高价。没有非作不可的交易。”
但是帕克也说，SABMiller将在中国东北部地区及其他地区继续寻找收购机会。SABMiller现金充裕，而中国市场待收购的啤酒厂也有好几十家。帕克说，SABMiller“进行收购的兴趣丝毫未减”。
知情人士称，SABMiller一直在考虑收购吉林省的主要啤酒生产商金士百啤酒(Ginsber Beer Group)，藉此扩大在中国东北部的市场占有率。金士百曾与英国的巴斯公司(Bass PLC)组建合资酿酒厂，但后者于2000年撤离中国。巴斯现在已被比利时的英特布鲁(Interbrew SA)收归旗下。
中国啤酒市场规模宏大且增长迅速，外国酿酒公司一直希望能在此大展宏图。中国啤酒市场年销售额高达60亿美元，且以每年6%的速度增长。而美国和欧洲等发达国家的啤酒市场年增幅只有1%-2%。
这一场收购大战虽说已经尘埃落定，但可能会就此引发安海斯和SABMiller在中国东北部市场上更加激烈的竞争。由安海斯控制的哈尔滨啤酒和SABMiller持股49%的华润啤酒(China Resources Breweries)在这里各自占据30%的市场。
顾问公司Monitor Group驻北京的主管德瑞克?劳(Derek Law)说，安海斯胜出使东北啤酒市场免于被一家企业独占。整个东北市场由此成为新一轮白热化竞争的角斗场。
赢得哈尔滨啤酒的控制权使安海斯得到了一个低成本的本地品牌。在中国市场上，一瓶啤酒的最低售价可以达到12美分。安海斯在青岛啤酒(Tsingtao Brewery Co.)持股9.9%，但无经营决策权。安海斯在中国的主要商品一直是高档品牌百威(Budweiser)啤酒。收购哈尔滨啤酒之后，安海斯就可以阻止哈尔滨啤酒发展高端品牌，与百威展开直接竞争了。
安海斯获胜的消息刚一发布，分析师们就开始讨论安海斯是否出价过高了。ING Financial Markets驻香港的分析师Lilian Leung认为，当前来看，与哈尔滨啤酒合并不会给安海斯带来任何协同效应。由此来看收购价未免太高了。
而安海斯发言人则表示，相信了解中国啤酒市场的人都会懂得安海斯此举的战略价值。
对SABMiller来说，虽然退出竞购避免了支付过高价格，但失去哈尔滨啤酒的控制权依然是SABMiller中国市场战略遭受的一次重大打击。SABMiller曾明确表示，希望把哈尔滨啤酒与华润啤酒合并，组建中国最大的啤酒企业。实际上，正是这个想法让哈尔滨啤酒的管理层拒绝了SABMiller的要约，因为他们担心合并会导致员工下岗和工厂关闭。
安海斯的收购计划却大受欢迎。本周三，哈尔滨啤酒行政总裁路嘉星(Peter Lo)在声明中表示，SABMiller的收购要约完全是不请自来，公司管理层和全体员工都不欢迎这一举动。因此，公司对安海斯及时施以援手，提出竞购价之举深表欣慰。
SABMiller的计划是，通过华润啤酒将旗下其他几个品牌引入中国市场，包括Miller Genuine Draft和意大利啤酒品牌Peroni。帕克指出，借助与华润啤酒的合资企业，SABMiller在中国这个高度分散的啤酒市场上拥有11%的占有率。
“什么也没有改变”，帕克说道，“我们将继续在中国东北与哈尔滨啤酒展开竞争。他们只不过刚刚有了一位新股东而已。”
