KOREA: Carlsberg increase stake in Korean brewer
The move increases its shareholding in the biggest South Korean brewery to just above 35%.
In a statement Carlsberg said: "The acquisition strengthens both Carlsberg Asia#;s position as one of Asia#;s largest brewery groups and the co-operation with the Park family. The Park family has controlled the company since its establishment in 1933."
Hite will be consolidated as an associated company.
The statement continued: "The acquisition is part of Carlsberg Breweries#; strategy to strengthen its position in Asia through the joint venture company Carlsberg Asia."
Carlsberg Asia is under establishment and is 50/50 owned by Carlsberg Breweries A/S and Chang Beverages.
Hite is South Korea#;s biggest brewery with a market share of 54%.
"The company has been through an outstanding turn around since the Asian crisis of 1997/98 and its Korean management has secured Hite#;s position as the top earning drinks company in the country," said Carlsberg.
In 2001 the production from Hite's three modern breweries was approx. 9.5m hectolitres of beer.
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