Asahi to Sell Haitai Beverage Shares

Asahi Breweries has announced it is planning to sell shares in its South Korean unit Haitai Beverage and expand its cooperation with Lotte Group.

The company’s comments followed reports saying it will begin talks with Lotte Group to increase its share of the soft drinks market in South Korea.

The company has reportedly asked Haitai to seek a buyer for the loss-making subsidiary.

In 2009 Haitai reported a JPY2.9bn ($33m) operating loss and is expected to make a projected loss of JPY2.4bn ($28m).

Asahi bought a 19.9% stake in China’s Tsingtao Brewery for $667m and acquired Cadbury’s Australian beverage business for $874m last year.