重慶啤酒(600132.SH)擬獲嘉士伯進一步注入中國優質資產、涉及多個國際高端/超高端、地方強勢品牌
格隆匯 6 月 19日丨重慶啤酒(600132.SH)披露重大資產購買及共同增資合資公司暨關聯交易預案，此次交易方案包括如下部分：(1)重慶嘉釀股權轉讓，即：嘉士伯香港向重慶啤酒出售和轉讓、重慶啤酒向嘉士伯香港購買無任何權利負擔的重慶嘉釀48.58%的股權，轉讓價款應以現金方式支付；(2)重慶嘉釀增資，即：重慶啤酒以重慶啤酒擬注入資產及現金認購一定比例的重慶嘉釀新增註冊資本，嘉士伯諮詢以A包資產認購一定比例的重慶嘉釀新增註冊資本；該增資完成後，重慶啤酒持有不少於重慶嘉釀51.42%的股權；嘉士伯諮詢持有不多於重慶嘉釀48.58%的股權；(3)購買B包資產，即：嘉士伯啤酒廠向重慶嘉釀出售和轉讓、重慶嘉釀向嘉士伯啤酒廠購買無任何權利負擔的B包資產，購買價款以現金支付。
其中，重慶嘉釀增資包括下列子交易：(1)重慶啤酒以重慶啤酒擬注入資產向重慶嘉釀增資，(2)嘉士伯諮詢以其持有的A包資產向重慶嘉釀增資，及(3)重慶啤酒以現金向重慶嘉釀增資。
此次交易的交易對方為嘉士伯香港、嘉士伯諮詢及嘉士伯啤酒廠。此次交易的交易標的包括：(1)嘉士伯香港持有的重慶嘉釀48.58%的股權；(2)A包資產：嘉士伯諮詢持有的嘉士伯工貿100%的股權、嘉士伯重慶管理公司100%的股權、嘉士伯廣東99%的股權、昆明華獅100%的股權；(3)B包資產：嘉士伯啤酒廠持有的新疆啤酒100%的股權、寧夏西夏嘉釀70%的股權。
除上述交易標的外，嘉士伯在中國大陸地區的部分非控股子公司涉及啤酒業務，但因嘉士伯對其不享有控制權、相關資產的股權存在潛在爭議、盈利能力較差等原因，未納入此次交易範圍，嘉士伯也就此次交易完成後涉及的進一步避免潛在同業競爭出具了承諾函。
通過此次交易，嘉士伯進一步將上市公司體系外的中國優質資產注入到上市公司體系內。嘉士伯擬注入資產廣泛分佈於新疆、寧夏、雲南、廣東、華東等地，涉及啤酒品牌包括嘉士伯、樂堡、凱旋1664等國際高端/超高端品牌，也包括烏蘇、西夏、大理、風花雪月、天目湖等地方強勢品牌。
此次交易完成後，有利於上市公司整合優質資源，充分發揮規模效應優勢。從產品品牌來看，上市公司的品牌矩陣將會進一步擴大，強化品牌組合，國際高端品牌與核心區域市場中獨特的本地強勢品牌互補，滿足消費者對於不同消費場景和價格區間的需求。從產能安排來看，嘉士伯擬注入資產的啤酒廠佈局，能夠與上市公司的啤酒廠佈局形成互補，覆蓋至更為廣泛的中國市場，優化產能利用率，進一步提高上市公司生產、物流等供應網絡的運營效率。從市場佈局來看，上市公司的核心優勢區域市場將從重慶、四川、湖南等地擴展至新疆、寧夏、雲南、廣東、華東等全國市場，增強區域市場競爭力。從銷售渠道來看，嘉士伯擬注入資產所處市場的分銷網絡將補強上市公司的現有分銷渠道，有利於上市公司旗下品牌拓展其在相關市場的市場份額。從品牌推廣來看，上市公司的營銷資源基礎將更加豐富，推動數字化營銷發展，持續提升品牌知名度，鞏固並提高品牌價值。此次交易將整體增強上市公司在全國啤酒市場中的競爭優勢，進一步提升上市公司的盈利能力，助力實現長期高質量發展，符合上市公司全體股東的利益。
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