Anheuser- Busch has made a bid of around $720m for Chinese brewer Harbin in an attempt to beat of competition from rival SABMiller who had offered $550m for the company.

The makers of Budweiser triggered a full bid for the company having increased their stake in Harbin from 29% to 37.4% last week.

Since the brewing giants first signalled their intentions towards Harbin, shares in the company have jumped nearly 60%.

The latest offer from Anheuser-Busch values the company at 35 times forecast 2004 profits.