Carlsberg has announced that due diligence has been conducted regarding the possible sale of its stake in Türk Tuborg to CBC Group, and that negotiations are still ongoing.

A further announcement will be made in due course, the company said in an announcement last week.

Carlsberg originally announced the signing of a Memorandum of Understanding in March regarding the sale of its 95.65% stake in Türk Tuborg Bira ve Malt Sanayi in Turkey.

The Denmark-based brewer declined to say why it was 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.