Carlsberg ‘may sell joint venture stake’

Carlsberg is likely to sell part of its 50 per cent stake in the Carlsberg-Tetley joint brewing venture and keep a minority share, according to stockbrokers James Capel.

Analyst Julie Crampton says the most likely scenario is that either Whitbread or Bass will buy Allied Domecq’s 50 per cent share of Carlsberg-Tetley, plus a substantial part of Carlsberg’s share.

It was previously thought that only Domecq’s share was up for sale. In a note published by Capel, Crampton says: “It is unlikely another UK brewer would wish to simply step into Domecq’s shoes and buy half of Carlsberg-Tetley in view of its track record of declining profits.”

But she adds: “We believe the most probable scenario… is that Carlsberg will sell part of its 50 per cent stake and keep a minority stake in an enlarged group.”

This would have the advantage of “economies of scale and opportunities for rationalisation”, and it would improve competitiveness and profits to enable Carlsberg to “participate in increased profitability from consolidation in the UK brewing industry”, according to the Capel note.

Latest from Marketing Week


Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now


Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.


From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.


Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email

If you are looking for our Jobs site, please click here