Heineken to buy stake in CR Beer

Companies team up to tap growing demand for premium beverages

China Resources Beer Co Ltd, the largest brewer in the country and the maker of the best-selling Snow Beer brand, has signed an agreement with Dutch premium brewer Heineken NV to further develop the high-end beer market in China.

Amsterdam-based Heineken, the second-largest brewer worldwide, will acquire 40 percent stake in CR Beer for HK$24.35 billion ($3.1 billion), and Heineken will have greater access to the network of China's premium beer segments and better understanding of the Chinese market, according to a statement from CR Beer on Friday.