Carlsberg Breweries has announced a public tender for 49.99% of shares, or all the outstanding shares, in Okocimskie Zaklady Piwowarskie (Okocim), a leading brewery in Poland, which is listed on the Warsaw Stock Exchange.

Carlsberg is offering PLN16.25 (US$4.09) per share valuing the entire share capital of Okocim at PLN 357.5m (US$90.1m). The price represents a premium of 36.1% to the average price from 6 months preceding the day of the announcement of the tender and a premium of 30.5% to the closing price on 7 May 2001.

The Polish Securities Commission approved Carlsberg Breweries' application to exceed a 50% shareholding in Okocim on the 8 May 2001, and on 16 May the brewer acquired a block of 1.1% in Okocim, which brought its total shareholding to 50.01%.

Under Polish law, Carlsberg's controlling stake requires it to make a public tender for all outstanding shares in Okocim. And the brewer now intends to achieve a shareholding of no more than 75% of votes at the General Shareholders Meeting. Carlsberg also said it had no intention of delisting Okocim from the Warsaw Stock Exchange until year 2005.

Carlsberg Breweries has been a shareholder in Okocim since 1996, initially owning 31.8%. The company said it had increased its stake in order to progress the implementation of the strategic plans for the development of Okocim to boost its position as one of the leading breweries in Poland.