DENMARK: Carlsberg selling to fund Orkla purchase
Carlsberg A/S plans to sell some of its properties to fund the pending purchase of Orkla's stake in Carlsberg Breweries. Last week, Carlsberg announced that it had signed an agreement to buy Orkla's 40% shareholding in Carlsberg Breweries for a total of approximately DKK14.8 billion (US$2.52 billion).
On Friday, Carlsberg CFO Per Broendum told Reuters: "We expect the sale will bring about DKK2 billion calculated at present value." Details about which properties the company would look to sell were not revealed.
On completion of the deal between the two companies, the Carlsberg Group will make a cash payment to Orkla of DKK11.0 billion, together with an additional payment of DKK80m to cover Orkla's expenses associated with the transaction. In addition, Carlsberg will pay DKK3.8 billion, plus accrued interest, two years from completion.
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