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Carlsberg looks to more Asian mergers and acquisitions

Firm raises stake in Chinese brewer

11 June 2010

Danish brewer Carlsberg is looking for further mergers and acquisitions in Asia to expand its presence across the continent.

On Thursday (June 10th), the firm announced it had raised its stake in China's Chongqing Brewery (CBC) to nearly 30 per cent from 17.5 percent in a $378.7 million (258.6 million) deal.

The move is subject to approval from authorities and minority shareholders.

Chief financial officer Jorn Jensen told Reuters: "This is a natural extension of our growth strategy that we have voiced in the past couple of years that acquisitions will happen in Asia and particularly in China and Indochina".

Carlsberg aims to expand across into Eastern China as the firm currently has a strong presence in the eastern region of the country.

Mr Jensen confirmed that the firm was not interested in buying brewing assets held by Australia's Foster's which recently said it would split off its beer division to focus on its wine and spirits business.

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