Carlsberg Danish brewer to buy up Russian division BaltikaFebruary 20, 2012 - 16:23 AMT PanARMENIAN.Net - Danish brewer Carlsberg has said it plans to buy up the remaining 15% of its Russian division Baltika this year, according to BBC News. In its full year results, the firm said it made a consolidated net profit of 5.69bn Danish Kroner ($1.01bn) in the year to December 31, 2011, down from 5.96bn Danish Kroner in 2010. The firm lost market share in Russia - where it is the biggest beer maker - due to tough competition. It said it expected the European market to remain flat in 2012. "While 2011 was a challenging year, with head-winds from rising input costs and a challenging Russian market, our Northern & Western European and Asian regions continued to perform well," said chief executive Jorgen Buhl Rasmussen. The firm said it hoped to have bought out its Russian shareholders by the spring of 2012. Carlsberg got more than 29% of its revenue from its Eastern European and Russian businesses in 2011, and said buying the remaining shares in its Russian unit would immediately boost profits. "The Carlsberg Group will take the necessary steps to arrange for a delisting of Baltika as soon as possible," the firm said in its statement. "We currently expect this to happen not later than May 2012." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |