Carlsberg Breweries becomes the leading brewer in the north of Germany 

Highlights

• Carlsberg Breweries is offering to acquire Holsten-Brauerei AG for a total
  enterprise value of € 1,065 million
    
• Binding agreements will allow Holsten to sell its mineral water companies and to sell the breweries of König-Brauerei in Duisburg and Licher Privatbrauerei in Lich to the Bitburger Group 
    
• Carlsberg Breweries' net enterprise value for the assets it is acquiring is € 437 million
   
• The acquisition will make Carlsberg Breweries the leading brewer in the north of Germany. Hamburg will become the future headquarters for Carlsberg Breweries' German operations
   
• Carlsberg Breweries expects that post synergies, the acquisitions will be net
  earnings neutral in the first full financial year of ownership (2005), and the return on invested capital (ROIC) will meet Carlsberg Breweries' requirements by 2006

Read the entire announcement here.

(The announcement can be found in German top right.)

Contact:

Investors:
Mikael Bo Larsen, +45 33 27 1223

Media:
Margrethe Skov, +45 33 27 1410