TURKEY: Carlsberg prepares sale of Turk Tuborg
Carlsberg has lined up the sale of Türk Tuborg Bira ve Malt Sanayi in Turkey.
The Denmark-based brewer announced today (27 March) that it has signed a Memorandum of Understanding with CBC Group, Carlsberg's partner in the Romanian and Israeli markets, to buy Carlsberg's 95.65% stake in Türk Tuborg.
Details of the transaction remain subject to discussion and final agreement, while a further announcement will be made in due course, the company said.
When contacted by just-drinks today, a spokesperson for Carlsberg said the announcement has been made to adhere to regulatory requirements. "We cannot add any more details at this point," the spokesperson said. "It is very early days." The spokesperson declined to say why Carlsberg is looking to offload the unit.
Listed on the stock exchange in Istanbul, Türk Tuborg was formed in 1967 through a partnership between Carlsberg's Tuborg Breweries and Yasar Holding. Carlsberg took over the majority shareholding of Türk Tuborg in 2001.
The unit holds the number two spot in the Turkish beer market, while around 20% of its production is exported to more than 20 countries including the US.
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