C&C Discussed Acquisition Of Carlsberg UK Arm, Say Sources
C&C had talks with Carlsberg over acquiring its UK arm, reports The Financial Times.
Sources familiar with the matter told The Financial Times that the talks took place over the summer, but that they ended in August and it is unclear if they will be restarted.
C&C has been looking for deals that will help it to expand beyond its main markets of the UK and Ireland, which account for 80% of its profits, according to the newspaper.
Meanwhile, Carlsberg has a 14% market share in the UK, but recently took a financial hit caused by economic instability in the Russian market, where it had a 40% of the market.
This meant that the company has had a “heightened sense of urgency” over cost cutting, said Cees’t Hart, who took over as CEO of Carlsberg in June, following the departure of Jørgen Buhl Rasmussen.
Despite its setbacks, Carlsbery share have risen 6.5 since the start of this year, bringing its market value to $11.8 billion, as C&C shares have fallen 3.5% giving it a value of €1.19 billion.
© 2015 - Checkout Magazine by Jenny Whelan.