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DENMARK: Carlsberg cuts back investment

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Carlsberg has said it is cutting back on short-term investment because of financial market instability.

Carlsberg chief financial officer Jorn Jensen has said that the Danish brewer would become more conservative, given the current global uncertainty in financial markets.

His comments, made to local Danish newspaper Dagbladet Boersen, were confirmed to just-drinks today (15 October) by a spokesperson for the brewer.

Carlsberg is currently integrating its part of the Scottish & Newcastle (S&N) business, the UK brewer it bought and carved up with Heineken earlier this year.

Analyst group Bernstein said in a report published this week that Carlsberg faced little danger, however. 

It said Carlsberg had taken out a one-year EUR260m loan from several banks, including the collapsed Lehman Brothers, at the time of the S&N acquisition.

But, it added: "The other banks [involved] all appear to have very strong balance sheets (BNP, Danske, Nordea) and the sums involved should be easily covered by incoming cash flows."


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