DENMARK: Carlsberg picks sole control over J-Vs going forward
The majority owner of Carlsberg is keen for the brewer to grow outside of potential partnerships, according to reports.
The Carlsberg Foundation was reported yesterday as saying it preferred the brewer to move forward on its own as opposed to through a joint venture.
Speaking to Berlingske Tidene yesterday (6 June), Povl Krogsgaard-Larsen, chairman of both the foundation and the brewer, said: "If you ask a manager if he would rather be alone or together with a partner, I think most of them would say it is better management-wise to go it alone. But that is based on the presumption that there is sufficient financial scope for that."
When contacted by just-drinks today, a spokesperson for Carlsberg confirmed the comments, adding: "As a starting point, joint-ventures don't always work, although we have had good experiences of them (with Scottish & Newcastle) with Baltic Beverages Holding.
"If you have a choice for a starting point, owning 100% is always better than a joint-venture."
Last month, Carlsberg won approval from the Danish authorities to amend its charter. The green light allows the Carlsberg Foundation to dilute its majority holding in the brewer, whilst maintaining control of voting rights. The Foundation currently holds 51.3% share capital but can now lower this to 25%, thereby freeing up around DKK45bn (US$8.23bn) in new capital.
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