China Resources to buy out stake in Snow Breweries

Deal for the 49 percent shareholding is valued at $1.6 billion; firm's shares jump 18.15 percent

The largest brewer of the country, China Resources Beer Holdings Co, has agreed to buy out the remaining stake in Snow Breweries, its joint venture with SABMiller Plc, a move to free itself from a foreign partner in its effort to tackle the local market.

The deal for the 49 percent shareholding is valued at $1.6 billion. The Chinese brewer's shares jumped 18.15 percent to HK$15.1 ($1.94) on Wednesday.