東亜日報　2010/3/5

ジョニー・ウォーカーが「水井坊」を飲み込む

Guinness、 Johnnie Walker、Windsorなどを作る英国の酒類大手のDiageo が、中国の白酒（穀物で作った伝統蒸留酒）のトップメーカー「水井坊」を買収したと、ウォール・ストリート・ジャーナルが１日、報じた。ディアジオ社は、四川省の全興グループの株式を2007年に43％、08年に6％取得したのに続き、今回4％を取得し、結果的に最大株主（53％）となった。そして、全興グループが水井坊の株式を39.7％保有する大株主なので、結果的にディアジオ社が水井坊を買収したことになった。

* Bell's, J&B, Johnnie Walker, Old Parr, VAT 69, White Horse, Windsor, etc.

中国政府は、有名ブランドの外国人所有を認めてきた。日本のアサヒビールとベルギー・米国系飲料会社のアンハイザー・ブッシュ・インベブが青島ビールの株式を取得することを許可したことが代表的な例だ。

しかし、昨年、反独占法によって、コカコーラの中国飲料会社・匯源の買収を拒否したケースもあり、最終的に批准するかどうかは不透明だ。００年８月に発売された水井坊は、高級白酒の市場でマオタイ酒や宜賓五粮液酒とシェアを競っている。０８年には、１億７１００万ドルの売り上げを上げた。

去年12月,成都盈盛投資控股有限公司(Chengdu Yingsheng Investment Holding)將所持四川成都全興集團有限公司(Sichuan Chengdu Quanxing) 43%的股?出售給了全球最大的酒類飲料生?商Diageo PLC。全興集團是高端白酒生?商四川水井坊股?有限公司(Sichuan Swellfun Co., 簡稱：水井坊)的母公司。市場猜測今年將有更多的外資企業通過收購進入中國的造酒行業。

1 March 2010

Diageo reaches agreement to become majority shareholder in Joint Venture Chinese White Spirits company

Diageo has today entered into an equity transfer agreement to acquire an additional 4% stake (“the 4% transfer”) in Sichuan Chengdu Quanxing Group Company Ltd. (四川成都全興集團) from Chengdu Yingsheng Investment Holding Co., Ltd (成都盈盛投資). This 4% transfer, which is subject to a number of regulatory approvals, would bring Diageo’s shareholding in Quanxing to 53%. Quanxing is a holding company controlling a 39.7% stake in Sichuan Shui Jing Fang Co., Ltd. (四川水井坊), a leading super premium Chinese white spirits (baijiu) company listed on the Shanghai Stock Exchange. If the 4% transfer is approved, Diageo would become the indirect controlling shareholder of ShuiJingFang. The consideration for the 4% transfer is approximately £14 million (RMB 139.7million).

2008/7/31

Diageo acquires additional stake in Sichuan Chengdu Quanxing Group Co., Ltd.

Diageo, the world's leading premium drinks business, is pleased to announce that it has acquired an additional 6% stake in Sichuan Chengdu Quanxing Group Co., Ltd. ("Quanxing") increasing its ownership in the business to 49%. This investment also increases Diageo's indirect interest in Sichuan Shui Jing Fang Co., Ltd., a leading super premium Chinese white spirits company listed on the Shanghai Stock Exchange.

2007/1/26

Diageo Highlands Holding B.V., a subsidiary of Diageo plc, will acquire 43% of the equity of Sichuan Chengdu Quanxing Group Co., Ltd. from Chengdu Yingsheng Investment Holding Co., Ltd., subject to certain closing conditions.
The agreed purchase price for the 43% equity interest is RMB 517,194,200.

Diageo first acquired a 43% stake in Quanxing in February 2007

In accordance with Chinese takeover regulations, were Diageo to become the indirect controlling shareholder in ShuiJingFang, Diageo would be required to make a mandatory tender offer to all the other shareholders of ShuiJingFang. Diageo will not become the indirect controlling shareholder in ShuiJingFang until all relevant regulatory approvals for the 4% transfer have been obtained. This is not expected to be before the second half of this calendar year. However an Indicative Announcement of Diageo’s intention to launch such a mandatory tender offer upon confirmation of all relevant regulatory approvals is published in China today. As part of the Indicative Announcement the mandatory tender offer price for ShuiJingFang has been set at the minimum price permitted by the Chinese mandatory offer regulations of RMB 21.45 per share. Were there to be full acceptance under the mandatory tender offer, the amount payable would be approximately £610 million. As required by PRC law, 20% of the maximum consideration payable under the tender offer (£122 million) has been deposited with China's securities depositary and clearing agency, the CSDCC, Shanghai Branch.
Paul Walsh, Chief Executive of Diageo, said:
‘This transaction provides Diageo with the platform to participate at scale and grow share in the largest, most profitable and fastest growing spirits segment in China, super premium Chinese white spirits.
‘This is an important and unusual transaction, providing as it does for the increased involvement of a global company in a category with unique heritage. It is Diageo’s intention to maintain ShuiJingFang's public listing on the Shanghai Stock Exchange although this is subject to the outcome of the MTO, and to continue to work with our Chinese partners, the existing ShuiJingFang management and Yingsheng shareholders.
‘Over the last three years we have built an excellent relationship with our partners in the Quanxing Group and ShuiJingFang, both through our support to the development of their business in China and with the launch of Shanghai White in Hong Kong. The transaction we have announced today will enhance this. Diageo now has a valuable opportunity to build a substantial presence in super premium Chinese white spirits and it will enable us to bring one of the leading Chinese white spirits brands to international markets.’

Finantial Times

Mr Ghostine said the tender would be priced at the lowest point allowed by regulators in the hope that take up would be minimal, maintaining a substantial free float.

“We believe that this situation is completely different [from Huiyuan Juice]” he said.

“We have been working very closely since 2006 with our Chinese partners. We have the support of the Sichuan government for this initiative.”

Singapore-based Mr Ghostine said Shui Jing Fang, said to have been produced for 600 years, accounted last year for sales of £112m compared with the total Chinese white spirit market of £13bn.

However, Sichuan Swellfun is a so-called “super premium” manufacturer, with much higher margins than lower cost brands.

“Diageo [will be] the only global company participating on this scale in Chinese white spirits,” Mr Ghostine said.

Diageo is on the lookout for further acquisitions to increase market share in Asia, but remains confident of rapid organic growth.

Diageo said last month that pre-tax profits fell 1 per cent from £1.41bn to £1.39bn in the first half to December 31 ? more than analysts had forecast.

Paul Walsh, chief executive, said the group was relying for growth on momentum in developing markets in Asia, Africa and Latin America, rather than on a rebound in consumer confidence in the West.