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Russia's state anti-monopoly service said on Friday it will approve
Russia's state anti-monopoly service said on Friday it will approve the acquisition of Russia's Baltika brewery by Carlsberg, which will increase its current 50% stake to 100%.

The decision was made after a meeting between the watchdog's head, Igor Artemyev, and Carlsberg President Jorgen Buhl Rasmussen.

"A decision was made to issue a positive response to the acquisition by Carlsberg of the right to develop Baltika's business strategy," the service said in a news release.

A 90% stake in Baltika is held by Baltic Beverages Holding (BBH), co-owned by Danish Carlsberg Breweries A.S. and Britain's Scottish & Newcastle Plc. However, the European Commission has already approved a deal for Dutch Heineken and Carlsberg to buy Scottish & Newcastle. The parties have agreed to transfer BBH to Carlsberg.

The Baltika brewery is a leader on the Russian beer market accounting for over 37% of the country's beer output and one of the leading European beer producers. The company owns 11 breweries in Russia and also holds licenses to produce French Kronenbourg 1664 beer, Danish Tuborg and Carlsberg and Australian Foster's.

Last year Baltika posted a 20.5% increase in profit calculated to International Financial Reporting Standards to 398.7 million euros, year-on-year.

The company's market capitalization exceeds $7 billion.


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