The Danish brewer Carlsberg Breweries AS has indicated that its shopping spree will not end with yesterday's bid for the German beermaker Holsten.

The Danish daily newspaper Boersen quoted Carlsberg Breweries chief executive, Nils Smedegaard Andersen today saying: "It is clear that we are looking at new investments in Germany, and the purchase of Holsten creates a further incitement to grow."

"The purchase is also a signal that we see the German market as interesting longer term," he added.

The brewer also said that it was continuing to look at Asia and the Baltic states for purchasing opportunities.

Talking to reporters yesterday, Smedegaard Andersen said: "We want to expand into markets where we can grow, such as Germany, the Baltics and Asia. We're not currently in any talks in Germany, though. Buying Holsten will not stop these plans."

It is believed, from previous comments that Carlsberg has around 20 billion Danish crowns (US$3.36 billion) to spend on acquisitions.

Yesterday, Denmark's leading brewer launched a bid for Holsten, Germany's second-largest brewer. The Danish brewer has entered into conditional agreements to acquire 51% of the share capital in Holsten at €38 per share from the Eisenbeiss family and other parties. Carlsberg Breweries will make a voluntary public offer at the same price to buy all outstanding shares. The offer price values the company at €523 million based on 13.75 million issued Holsten shares.