Carlsberg Makes Market Exit

Following years of frustration with the country's high taxes, Danish brewer Carlsberg has decided to pull out of the Turkish market. Carlsberg is now in negotiations to sell its 95.65% stake in its local operations Türk Tuborg to its Israeli partner CBC Group, after having posted seven years of losses in the country. Although stronger levels of competition were also a factor in Carlsberg's decision to withdraw, it was clearly the country's difficult business environment that played the biggest role in Carlsberg's decision, which should send a strong signal to the country's policymakers.

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