Carlsberg is hoping to mop up the last of Baltikas shares in the coming months

Carlsberg is hoping to mop up the last of Baltika's shares in the coming months

Carlsberg's attempt to buy up the remaining shares in Russia's Baltika Breweries has moved a step closer, following approval of the shares' delisting.

The Danish brewer, which, through its Baltic Beverages Holdings unit, owns 85% of Baltika, learned yesterday (16 July) that the Moscow Stock Exchange (MICEX) has approved its application for a delisting of Baltika's shares. The Russian company will step down from MICEX on 4 October.

Baltika's shareholders have been given until 9 August to accept Carlsberg's RUB1,550-per-share offer, as the company looks to take 95% ownership. Once the 95% target has been reached, Carlsberg will be entitled to launch a compulsory acquisition of remaining shares.

“If Carlsberg does not achieve 95% ownership, Carlsberg Group may withdraw the offer and shareholders will miss the opportunity to sell at these attractive conditions,” Baltika said earlier today. The Russian brewer's board recommended Carlsberg's offer earlier this month.

In February, Carlsberg said it expected to spend a maximum of DKK6.5bn (US$1.14bn) on scooping up the rest of Baltika's shares.