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RUSSIA: Carlsberg Baltika Breweries buy gets board approval

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The board of Baltika Breweries has recommended Carlsberg's offer to buy the outstanding shares in the Russian brewer.

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Following the announcement in February that Carlsberg wants to buy the 15% of Baltika Breweries it does not yet own, the Danish brewer has offered shareholder RUB1,550 (US$47.50) per share through its subsidiary Baltic Beverages Holding Aktiebolag.

Baltika Breweries said earlier this week that the offer, made on 31 May, has been unanimously recommended by its directors.

“Considering that Carlsberg has the intention not to accept decision to pay dividends in the foreseeable future, the proposal provides shareholders with a good opportunity to sell shares on favourable terms,” the brewer said.

Full Carlsberg ownership will “allow Baltika to become more fully integrated into the Carlsberg Group”, Baltika added. “The efficiency of management will be improved, also providing Baltika with greater operational flexibility and efficiency.”

Shareholders have until 9 August to accept the offer.

To read the shareholder documentation, click here.


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