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Danish brewer Carlsberg Group is buying out the 33 percent shareholding in Carlsberg South Asia Pte Ltd (CSAPL) of its partner in India and Nepal, CSAPL Holdings Pte Ltd (CSAPLH), for $744 million.
Carlsberg has had serious disagreements with CSAPLH, for some time now, over financial irregularities, including incorrect payments, embezzlement, and kickbacks from customers.
According to Carlsberg, the buyout could be completed in 2023, subject to the clarification of any disputes raised by the shareholders and timelines for any regulatory approvals.
Carlsberg will work with its external advisors to evaluate its position and assess whether CSAPLH has committed additional breaches of the shareholders’ agreement, which would justify further legal steps.
Carlsberg, at the request of CSAPLH, had referred the disagreements “to arbitration in Singapore” in May last year. The tribunal found CSAPLH to be in “incurable material breach of the shareholders’ agreement and awarded Carlsberg the right to call CSAPLH’s shares in CSAPL.”,
