Carlsberg Seals The Deal To Sell Off Türk Tuborg

July 2008 | Company News Alert

Danish brewer Carlsberg has completed the sale of its 95.6% stake in Türk Tuborg to its Israeli partner CBC Group. The price tag for the Turkish operations was set at US$80mn, minus interest-bearing debt and plus/minus adjustment for the difference between working capital as of the end of June of this year and closing. Carlsberg's decision to withdraw from the Turkish market followed years of frustration with the country's high taxes, which were putting a major dent on the company's potential profits, as the company had posted seven years of losses.

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