The investment bank, Credit Suisse First Boston (CSFB), has begun coverage of the Danish brewer, Bryggerigruppen, with an "outperform" rating, saying the company was a possible takeover target.

"Although Scandinavian beer markets are in decline and the growth profile of the Baltics is slowing, we believe there are positive drivers for the company," CSFB said in a research note.

Bryggergruppen is the second largest brewer in Denmark after Carlsberg with a 15% share of the domestic market. The company also operates in Lithuania, Italy and Germany.