SABMiller formally offered shareholders US$390 million for all remaining shares in the Harbin Brewery, a price equivalent to US$0.55 per share or 38 times Harbin's 2003 earnings per share. Harbin rejected the offer, saying it would prefer to team up with Anheuser-Busch. Anheuser-Busch recently bought 29% of Harbin stock, prompting SABMiller's move to boost its 29.4% stake to a controlling position.
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