Carlsberg Out After Seven Years Of Bad Luck

Danish brewer Carlsberg has finalised the sale of its of its 95.6% stake in Türk Tuborg to CBC Group, its partner in Israel and Romania, after receiving approval from the Turkish competition authorities. 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. Carlsberg's decision to withdraw from the Turkish market is a part of the firm's optimisation efforts, and followed years of frustration with the country's high taxes, which were putting a major dent on the company's

To read the full article, please choose one of the following options: