South Korean food and beverage company Doosan Corp said on Wednesday its talks to sell a stake in Oriental Brewery Co (OB) were at the final stage and would take shape next week. J. Kim, Doosan spokesman and executive director of the public relations team, told Reuters the company was in final negotiations with a foreign investor to sell a portion or all of its shares in Oriental Brewery. "But it (a foreign investor) is not Interbrew. We just consulted the company before starting talks on the stake sale as our joint venture partner," Kim said.Doosan had sold 50 per cent of popular beer maker OB to Belgian brewer Interbrew in 1998, using the proceeds to repay debts. The balance of 50 per cent is owned by Doosan and put up for sale to secure additional foreign capital. Kim declined to confirm a local report that Doosan would sell a 45 per cent stake in the beer joint venture for $500 million. The Mail Business Newspaper said both Doosan and a foreign investor had agreed on the stake sale and were drafting the contract. After the deal Doosan's shareholding in the venture will fall to five per cent, it said.The news sent Doosan shares 2.6 per cent higher to 28,100. Source: Reuters
