ESTONIA: Carlsberg swallows Saku brewer
Shareholders at Estonia's Saku brewer have endorsed a full takeover by Carlsberg.
Carlsberg, which already owns 92% of Saku, will now buy the rest of the group for EEK194 (US$18) per share, both brewers announced this week.
The move is part of Carlsberg's strategy to consolidate its position in Eaastern Europe's emerging beer markets.
Saku has filed an application to be de-listed from the Tallinn Stock Exchange. The group's CEO, Ireneusz Piotr Smaga, has also announced his retirement, and will be replaced by Veli Pekka Tennilä.
Tomas Kucinskas, chairman of Saku Supervisory Board and president of Carlsberg Baltic, thanked Smaga for his "effort, devotion and contribution to Saku development".
He added: "Saku is among the three top most reputable companies in Estonia and I think that it is one of the strongest business organizations not only in Estonia, but in Baltics as well."
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