DENMARK: BBH holds back on shareholder wooing
Baltic Beverages Holdings (BBH) will not issue an improved offer to minority shareholders in its Baltika brewery, according to press reports. In a news story in Danish paper Borsen today (6 September), Paul Bergqvist, a board member at the Carlsberg and Scottish & Newcastle joint venture, said that BBH will not look to woo the Baltika shareholders who are blocking its Russian integration plans.
BBH, which owns 82% of Baltika, has been trying to get approval for Baltika to buy its stake in Pikra brewery since July. Minority shareholders voted against the move, claiming that BBH is demanding too high a price, which would result in Baltika being burdened with debt.
Baltika's board is scheduled to meet tomorrow.
In the report, Bergqvist said: "We will treat everyone equally, the big as well as the small...It is going to be an exciting meeting, and I won't speculate what is come to come of it. But we put significant weight on what the two independent board members think. It's important for how we can move forward."
Scottish & Newcastle and Carlsberg said today that their Eastern European joint venture Baltic Beverage Holdings had seen sales volumes lift 14% in the first quarter of the year, compared to the same ...
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