Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Samuel Adams' Company Stages Boston Beer Party

Boston Beer Co. shares rose 40 percent in their first day as the company's $60 million stock offering drew investors betting on the boom in craft brewing.

Boston Beer shares closed up $8 to $28 on trading of 3.47 million shares after rising as high as $32.12 1/2.

Craft brewers are hot and market leader Boston Beer, maker of the Samuel Adams line of brews, is the latest to tap the stock market for cash. Redhook Ale Brewery Inc. opened the door in August with an initial public offering that soared 59 percent on the first day. Pete's Brewing Co. came next on Nov. 7, with an IPO that rose 40 percent on day one. Bloomberg Shanghai To Get Tallest Building

A Japanese property management company says it plans to build the world's tallest building in Shanghai, China. The 1,509-foot, 95-story International Financial Center Tower would top the 1,430-foot, 100-story Sears Tower in Chicago by 79 feet, China's official Xinhua News agency reported Tuesday.

Construction will start before spring 1997 and be completed by 2001, Xinhua said, quoting Junnrian Mori, president of Forest Overseas Co.

The building will have 3.4 million square feet of office space, and will need an investment of $960 million. Associated Press Keebler Salty Snacks Unit Sold

United Biscuits Holdings PLC said Tuesday it has sold its Keebler salty snacks business in the United States to a group of private investors for $8 million, completing its sale of Keebler's U.S. operations.

The sale will result in the loss of 320 jobs from Keebler's manufacturing plants in Texas and Pennsylvania, which will be shut down. …

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