23 June, 2005

Russia: The consolidation of BBH in Russia will give Baltika 86.7% of Pikra

Baltika brewery, the Russian beer venture of Danish Carlsberg and British Scottish & Newcastle, plans to start consolidating Russian assets with its Kransnoyarsk brewer Pikra, Reuters cited a spokesman saying on June 20. Alexei Kedrin said the consolidation of Baltic Beverages Holding's (BBH) 70.32 % stake in Pikra, worth $67.5 million, was on the agenda of a July 7 shareholders meeting.

BBH, owned 50-50 by Scottish & Newcastle and Carlsberg, has said it will consolidate its assets in Russia through its key holding Baltika, Russia's biggest brewer. BBH owns 75.4 % of the shares in Baltika. If approved, the transaction will give Baltika 86.7 % of Pikra, up from 16.38 % now.

Apart from Baltika and Pikra, BBH also owns controlling stakes in Yarpivo and Vena breweries and industry analysts have said the holding company may want to consolidate the assets by possibly bringing the plants under one share.

Analysts also say some of BBH's brands overlap, as they often compete in the same price segments.

Baltika's main premium brand, Baltika No.7, is very close to Vena's premium brand Nevskoye, while Baltika's core brand, Baltika No.3, is similar to the Yarpivo brand, they say.

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