Carlsberg will invest up to 3 billion yuan ($480 million) to hold 30.29 percent of Chongqing Brewery's stocks.[Huo Huang / Asianewsphoto]

Carlsberg Brewery Hong Kong Ltd is set to complete a tender offer and complete an acquisition of Chongqing Brewery Co Ltd on Nov 5, after gaining approval from the China Securities Regulatory Commission.

Carlsberg will invest up to 3 billion yuan ($480 million) to hold 30.29 percent of Chongqing Brewery's stocks. The bid is offering 20 yuan per share, according to Chongqing Brewery, one of China's largest beer makers.

At the end of the tender offer's validity term, Carlsberg Foundation's shares will not exceed 60 percent.

As the wholly owned subsidiary of Danish premium brewer Carlsberg Group, Carlsberg Hong Kong increased its stake in Chongqing Brewery to 29.71 percent in 2010, becoming the company's largest shareholder.

Betting on the promising Chinese brewery market, Carlsberg said earlier that it expected to increase its stake in Chongqing Brewery.

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