Carlsberg Raises Stake In Olivaria As Beer Market Begins To Stabilise

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In a show of confidence to the Belarusian beer market, Carlsberg has upped its equity stake in Olivaria Brewery - the third largest beer company by market share - to 47% (from 30%). While we do not expect demand for beer to re-instate with too much vigour in 2010, we largely agree with Carlsberg's near-term view - namely for stable beer sales in the year (it forecasts beer sales to have declined by about 4% in 2009).