Carlsberg to buy the rest of Baltika’s shares

Carlsberg on 20 February 2012 announced that it will spend up to DKK 4.4 billion (USD 785 million) to buy the rest of Baltika’s shares which it does not own already to swing its ailing Russian business back to growth. Currently, Carlsberg holds an 85 percent stake in Russia’s Baltika brewery. Carlsberg will then delist the company.

“Full ownership of Baltika will give Carlsberg greater operational flexibility”, the company said, noting that the purchase will immediately contribute to earnings. According to CEO Jørgen Buhl Rasmussen, the performance of Carlsberg in Russia was “unsatisfactory” and increasing its market share was necessary to recover the loss to peers in the past year. The transaction is expected to be completed in May this year.