Beer maker Heineken strikes deal to expand in China
Dutch brewing company Heineken says it's buying a 40 percent stake in the company that controls China's biggest beer maker, China Resources Beer.
Heineken said in a statement Friday that it would invest $3.1 billion in the venture as it seeks to expand in the world's biggest beer market.
It says that Chinese drinkers are embracing imported beers and that CRB, producer of the best-selling Snow lager, lacks a premium overseas brand.
The stake in CRB would significantly boost Heineken's distribution reach.