Carlsberg Breweries has concluded negotiations that have seen it acquire an added 12.1% of the Turkish brewer Türk Tuborg’s share capital.
In a statement the company said: “Negotiations in Turkey were quickly concluded as the parties agreed Carlsberg Breweries A/S would acquire the Yasar Group’s 12.1%.”
Carlsberg is paying DKK 97m for the share, which sees the Danish company’s stake increase to 95.3% of Türk Tuborg.
The agreement will be reported to Turkish authorities for approval.
Nils S. Andersen, CEO and president of Carlsberg Breweries said the acquisition was a natural part of the company’s strategy to increase its ownership of subsidiaries.
“By holding the absolute majority, we are able to simplify the decision making processes, to introduce our own policies in order to increase earnings and raise efficiency and to increase the transparency of the Group,” he said. “The acquisition in Turkey is comparable to our increased holdings in Poland, Italy and Croatia achieved by buying out shareholders, who in accordance with shareholder agreements had much more influence on the operations of the company than they were entitled to based on their number of
shares.”
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Upon approval of the agreement, the three Yasar Group representatives will retire from the Board of Directors which will then consist of Bjørn Wiggen, chairman, Paul Bergqvist and Geir Nesheim all from Carlsberg Breweries and Barry Marshall, managing director of Türk Tuborg.
Türk Tuborg is listed on the Istanbul stock exchange, but Carlsberg Breweries said it will in the future evaluate the possibilities of delisting the company.
