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Business

Carlsberg Takes Over German Rival Holsten

The Danish brewer Carlsberg has sealed a conditional agreement to buy 51 percent of the share capital in its German rival, Holsten Brauerei AG. Carlsberg said it would buy Holsten for €38 ($48) per share, and has made a voluntary public offer to buy all outstanding shares at the same price. The Danish giant estimates the total value of its offer at €1.065 million. According to Carlsberg, the acquisition will make it the leading brewer in the north of Germany, with Hamburg becoming the headquarters for Carlsberg Breweries' German operations. Carlsberg is the second major international brewery to seek access to the German beer market after Belgium's Interbrew, which announced its takeover of the Munich-based Spaten brewery last September.