DENMARK: Carlsberg completes Hite exit
Carlsberg has sold off its last remaining shares in South Korea's Hite Brewery.
The Danish brewer, which confirmed yesterday (13 June) that it was pulling out of Hite entirely, has sold its 13.1% stake for DKK1.3bn (US$219m).
"Following completion of this sale, Carlsberg ends a seven-year-long and value-creating involvement as a minority shareholder in Hite," the company said. "This divesture is consistent with Carlsberg's on-going commitment to free-up invested capital from minority positions where there is no clear path to control."
The profit after tax from the transaction will be about DKK440m, Carlsberg said, with the company raising expectations for 2006 net profit to around DKK1.65bn.
In December last year, the company sold 11.9% of its stake in Hite to reduce debt and raised DKK1.9bn (US$304.8m) from the sale. The brewer said at the time that it was part of its strategy to free up cash from minority positions where there was "no clear path to control".
Carlsberg initially bought into Hite six years ago in the hope of attaining majority control. However, the Park family, which holds a 27% shareholding in Hite and has run the brewer for 50 years, refused to cede control.
Carlsberg has finally signalled its entry into India after months of speculation surrounding the brewer's ambitions for the fast-growing beer market....
The head of Carlsberg's operations in Denmark is to leave the brewer....
United Romanian Breweries Bereprod (URBB) is reportedly planning to invest a further US$25m to boost capacity at its brewery outside Bucharest....
Carlsberg is keen to up its presence in the east of China, but has stopped short of naming targets....
Amnesty International has called on Carlsberg to help defend human rights in Tibet....
Carlsberg is poised to invest heavily in Asia, Russia and Western Europe going forward, according to local reports....
Baltika Breweries has insisted it has yet to make a decision on whether to set up a greenfield brewery in the Siberian city of Novosibirsk....
Russian brewer Baltika has reported a 35% leap in net profit for the nine months to the end of September....
- Spirits - Where does 'Craft' End and 'Mass' Begin?
- Brewers go Crazy over Flavoured Malt “Cocktails”
- What do A-B InBev results mean for SABMiller deal?
- Anheuser-Busch InBev's FY Performance by Region
- Much Work to do on Packaging in the US
- Diageo "smart bottle" targets consumers at home
- Tesco reinstates Dan Jago following suspension
- Tough US hits Mast-Jagermeister volumes in 2014
- George Clooney launches Tequila Casamigos in UK
- Pernod Ricard's Havana Club Union
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Wine, 2014 and the future
- Spirits and RTDs, 2014 and the future
- Global RTD/RTS insights - market forecasts, product innovation and consumer trends research
- Beam Suntory Inc. - Strategy and SWOT Report