Danish beer giant Carlsberg has consolidated 100 percent of the shares of Russia's leading brewery Baltika after completing the purchase of about 15 percent of the brewery’s stock from minority shareholders, Baltika said on Thursday.
Carlsberg announced its intention in February to purchase the remaining 15 percent of Baltika’s stock from minority shareholders in a voluntary offer and then launch a compulsory purchase of the outstanding shares.
Carlsberg estimated the value of the deal at $1.15 billion.
Carlsberg announced in August it had increased its stake in Baltika from around 85 percent to 96.77 percent after voluntary acceptance of the offer by shareholders, following which it planned to launch a compulsory offer procedure.
“100 percent ownership will allow Baltika to become more fully integrated into the Carlsberg Group which will allow it to benefit from a series of initiatives and opportunities. If Carlsberg is successful in achieving 100 percent ownership of Baltika, Carlsberg confirms its intention to invest more in Russia,” Baltika earlier said in a statement.
Baltika has dominated the domestic beer market since 1996, enjoying a claimed 38-percent market share. It has 10 breweries across Russia, and a market presence in 70 countries.
Baltika is the official beer supplier to the Sochi 2014 Winter Olympics.
