China’s beverage company denies plans to buy AC Milan

Hangzhou(China), April 2: China's leading drinks manufacturer Hangzhou Wahaha group has denied rumours that the company is planning to buy Italy's AC Milan football club.

Zong Qinghou, the billionaire chairman of the company, said media reports that he was planning to buy up to 75 percent of the Italian club was "an April 1 joke", reports Xinhua.

Zong, worth an estimated $19 billion, said he had no plans to follow fellow Chinese business group Wanda into buying a stake in one of Europe's top football clubs.

AC Milan is currently controlled by Italy's former prime minister Silvio Berlusconi.

Wanda Group, owned by Wang Jianlin, became the owner of 20 per cent stake of La Liga champions Atletico Madrid on Tuesday.

Tech Pro Technology Development company, a Hong Kong listed electrical components manufacturer, is in the middle of negotiation to buy French club Sochaux from the Peugeot car company.