Chongqing Brewery said in a statement on Monday that the government has approved Carlsberg’s buying into the company.
Chongqing Brewery Group will sell its 12.25 percent stake worthy of 59,294,600 shares at 40.22 yuan per share to Carlsberg.
Carlsberg will become the controller of Chongqing Brewery after the buying brings its stake to a 29.71 percent.
The takeover must be approved by the shareholders and the government.
Chongqing Brewery share closed at 66.09 yuan on Monday,