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Carlsberg A/S Sells Its Stake in Turk Tuborg |
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Wednesday, 23 July 2008 |
Danish brewery group Carlsberg A/S said today that it has sold its 95.6 percent stake in Turk Tuborg Bira ve Malt Sanayi AS to CBC Group.
Through Israel Beer Breweries CBC Group is the partner of Carlsberg in Israel and Romania, the company added.
The selling price is $80 million minus interest bearing debt and plus/minus adjustment for the difference between working capital as of end June 2008 and closing.
As part of the deal between Carlsberg and CBC Group, Turk Tuborg will, on a license basis, continue the production of Carlsberg and a number of Tuborg brands.
Carlsberg, headquartered in Copenhagen, Denmark, is an international brewery group with production in 50 countries and sales in some 150 countries. The company has 30,000 employees and reported revenue of DKK44.75 billion in 2007.
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