VIETNAM: Carlsberg acquires rest of Hue Brewery
Carlsberg secures full ownership of Hue Brewery
Carlsberg has acquired the remaining 50% of Hue Brewery that it did not already own, the Denmark-based brewer has said.
Carlsberg said today (28 October) that it has completed its deal to buy the remainder of Vietnam's Hue Brewery from the Hue People's Committee. An agreement for the stake sale was originally signed in November 2009. No financial details of the transaction have been released.
The deal strengthens Carlsberg's hand in Vietnam, which is considered one of Asia's most promising beer markets. Carlsberg's CEO, Jørgen Buhl Rasmussen, said that he is excited by Hue Brewery's future prospects.
"Since we acquired the initial [50%] shareholding in Hue Brewery in 1994, we have been very pleased with the performance of the business and have had an excellent working relationship with the Hue People's Committee," he said. Hue Brewery operates two breweries in Hue province and produced approximately 1.7m hectolitres of beer in 2010.
Earlier this year, Buhl Rasmussen told just-drinks that Carlsberg was eyeing acquisitions in Asia in order to further develop the region as a third geographic pillar in its business, alongside Western Europe and Russia.
A forecast fall in malted barley prices would benefit brewers such as Carlsberg and Heineken, due to their large exposure to Western Europe, according to a drinks analyst....
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