Danish brewer Carlsberg has increased its stake in Russia’s largest beer producer Baltika from around 85 percent to 96.77 percent after voluntary acceptance of an offer by shareholders, Baltika said on Tuesday.
Carlsberg made the offer to Baltika’s minority shareholders to purchase the remaining stock in May. The deal was expected to cost $1.15 billion.
“Until August 24, 2012, the Registrar continues to transfer shares according to received applications, after that until September 8, 2012 the shares will be paid. When the procedure is completed, Carlsberg intends to launch a compulsory purchase of the remaining outstanding shares in Baltika Breweries,” Baltika said in a statement.
“100 percent ownership will allow Baltika to become more fully integrated into the Carlsberg Group which will allow it to benefit from a series of initiatives and opportunities. If Carlsberg is successful in achieving 100 percent ownership of Baltika, Carlsberg confirms its intention to invest more in Russia,” the company said.
Baltika has dominated the domestic beer market since 1996, currently enjoying a reported 38 percent market share. It has 10 breweries across Russia, and has a market presence in 70 countries.
Baltika is the official beer supplier to the Sochi 2014 Winter Olympics.