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BEIJING, July 29 (Reuters) - China’s Commerce Ministry said on Friday that it had approved Anheuser-Busch InBev’s takeover of SABMiller, conditional on Anheuser-Busch fulfilling an earlier agreement to sell SABMiller’s stake in a China beer venture.
China Resources Beer agreed in March to buy SABMiller’s stake in their CR Snow venture for a less-than-expected $1.6 billion, removing a regulatory obstacle to the London-based brewer’s takeover by Anheuser-Busch.
The ministry said that SABMiller had pledged to support Anheuser-Busch in the sale of the Chinese venture.
Reporting by Ben Blanchard and Winni Zhou; editing by Adrian Croft