The foundation will drop the requirement that it hold at least 25 percent of the share capital in Carlsberg A/S, the company said today in a statement. It will continue to control at least 51 percent of the voting rights through preferred A-shares. The brewer also will adopt a dividend policy to pay at least 25 percent of adjusted net income back to shareholders.

A logo stands illuminated on a beer pump at a bar inside the visitor's center at the headquarters of Carlsberg A/S in Copenhagen. Photographer: Freya Ingrid Morales/Bloomberg

“Carlsberg have been clear they want to buy assets in Asia and this may help with that,” said Jonathan Fyfe, an analyst at Mirabaud in London. “They have also been low on dividend payments and now can lift that up, so it’s good news.”
The foundation last changed its charter in 2007 in a move that allowed Copenhagen-based Carlsberg to sell shares to help finance its acquisition of Scottish & Newcastle Plc assets for 4.3 billion pounds ($7 billion). Carlsberg has identified Asia as a new growth area to help diversify its geographical exposure as the Russian government’s crackdown on alcohol sales have hit revenue in the country.

‘More Flexibility’

The move “is intended to give Carlsberg more flexibility as a consolidator,” analysts including Trevor Stirling at Sanford C. Bernstein in London, said in a note to investors. “It is not a precursor to Carlsberg being sold.”

Read Full News Article on Bloomberg