HONG KONG: While China’s state-owned insurers may be paying over the odds to take debt-laden banks off the hands of overseas firms such as Citigroup, other companies are getting better deals from Western exits.
On Wednesday, SABMiller agreed to sell its stake in Snow Breweries, maker of China's best-selling beer, to partner China Resources Beer for US$1.6bil, less than a third of the value estimated by analysts at Nomura and Sanford C. Bernstein. China Resources Beer shares jumped as much as 35% in response.
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