COPENHAGEN Aug 29 The largest fund shareholder
in Carlsberg, which has proven vulnerable to
deteriorating conditions in Russia and has lowered its 2014
guidance, has cut its stake in the company by a quarter, the
brewer said on Friday.
Carlsberg said Oppenheimer Funds' stake in the
company is now 4.78 percent, down from 6.42 percent.
Carlsberg said this month that it expected full-year
operating profit to decline by a low-to-mid-single-digit
percentage compared with previous guidance of growth of low
Its share price fell almost 7 percent to as low as 502
Danish crowns on Aug. 20 when it announced second-quarter
results and cut its forecast. On Friday the shares were trading
half a percent up at 525 crowns.
The beer seller derives 35 percent of its operating profit
from Russia, where its Baltika label is the most popular beer
brand. However, sales have been falling as the economy slows, in
part because of Western sanctions over Moscow's stance on
Carlsberg's dependence on Russia makes it a test case for
how European companies are coping with the chill in Moscow's
relations with the European Union..
(Reporting by Shida Chayesteh; Editing by David Goodman)