Denmark's Carlsberg subsidiary merges with Greece's Olympic Brewery to strengthen position

MarketsAssociated Press

In a move to bolster its position in Greece, Carlsberg says its local brewer will merge with Greek beer-maker Olympic Brewery and hold a 51-percent share in the new company.

Carlsberg, a Danish company, said Tuesday that the two breweries combined would hold a market share of about 29 percent in Greece. Carlsberg already fully owns the Mythos Brewery, Greece's third-largest.

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Carlsberg CEO Joergen Buhl Rasmussen said Tuesday that the merger would make it "a strong number two player" in Greece, after the Heineken-owned Athenian Brewery.

No financial information was given about the deal, which is subject to Greek regulatory approvals.