THE HAGUE, Aug. 6 (Xinhua) -- Heineken has agreed on a partnership with China Resources Enterprise (CRE) and China Resources Beer (CR Beer), a market leader in the world's largest beer market -- China, the Dutch brewer and their Chinese counterparts announced on Friday.
As part of the partnership, Heineken acquired a minority stake of 40 percent, worth 2.67 billion euros (3.09 billion U.S. dollars) of the holding company CRH, which controls CR Beer. In addition, CRE will take over a 0.9-percent stake in Heineken, worth 464 million euros (537 million U.S. dollars).
According to Heineken, the parties are now "perfectly positioned to win in the rapidly growing premium beer segment in China". China's beer market is already the world's largest by volume, and its premium market -- the market for more expensive, authentic and exclusive beer -- is also on the rise. Driven by this "premiumization" and the demand for international beer, the Chinese beer market is expected to grow even more, according to Heineken.
"We very much look forward to joining forces with CRE and CR Beer, the undisputed market leader in China," said Heineken CEO Jean-Francois van Boxmeer in a joint press release.
"We believe that our strong Heineken brand and marketing capabilities, combined with CR Beer's deep understanding of the local market, its scale and best-in-class distribution network will create a winning combination in the growing premium beer segment in China," van Boxmeer said.
CRE chairman Chen Lang said: "In Heineken we have found the perfect partner to achieve our ambitions in China and, as an international partner, to support us in growing our business outside China."
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