The Danish brewer, Carlsberg Breweries A/S, has announced that it is terminating its joint venture with the Asian drinks group, Khun Charoen/Chang Beverages Pte. Ltd.

Carlsberg has already announced in June that the joint venture had hit problems, specifically over the assets which Carlsberg was expecting its Asian partner to contribute to the venture.

Carlsberg said that it had not resolved the problems with Chang and Carlsberg Asia would therefore remain a 100%-owned subsidiary of Carlsberg Breweries.

"We have terminated the joint venture amongst other things because we are under the distinct impression that the character of the companies which Chang Beverages was to transfer to Carlsberg Asia does not correspond with what was agreed upon and that the value of these are disproportionate to the assets which Carlsberg Breweries has transferred to Carlsberg Asia," said Carlsberg's president and CEO, Nils S. Andersen.