Heineken strikes £2.3bn deal to expand in China

Dutch brewing company Heineken has said it is buying a 40% stake in the company that controls China's biggest beer maker, China Resources Beer (CRB).

Heineken said it would invest 3.1 billion dollars (£2.23 billion) in the venture as it seeks to expand in the world's biggest beer market.

It said Chinese drinkers are embracing imported beers and that CRB, producer of the best-selling Snow lager, lacks a premium overseas brand.

The stake in CRB would significantly boost Heineken's distribution reach.