E-Malt.com News article: 907

Lithuanian breweries Kalnapilis and Vilniaus tauras, which became the property of The Danish Brewery Group, are finishing the merging into a single company with a new name Kalnapilio-Tauro grupe. When joining 4.93 shares of Kalnapilis will be changed for one share of Vilniaus tauras. Now Vilniaus tauras owns 97,26% shares of Kalnapilis, that is why only 2.74% shares of Kalnapilis will be changed for all shares of Vilniaus tauras.

Brewery Group paid LTL 135.1 million (Lithuanian litas, 1 LTL = 0.2902 EUR) to Baltic Beverages Holding for 86.6% of Kalnapilis’ shares. Further Brewery Group increased the holding of shares up to 97,26%. Now, Brewery Group holds 99,77% shares of Vilniaus tauras.

It is thought the capital of two breweries will merge by June 2003. Both companies registered losses for 2002 year: Kalnapilis - LTL 3,57 million, Vilniaus tauras – LTL 8,06 million. They sold together 66 million litres of beer and hold 25,7% of Lithuanian beer market.


14 April, 2003