Carlsberg has announced it is to strengthen its market position in Greece through a merger of the country's third largest brewery, Olympic Brewery, and its own Mythos Brewery.
The new combined company will hold a market share of 29 percent, making it Greece's second largest brewer behind the Dutch behemoth Heineken.
By announcing the merger, Carlsberg aims to become an attractive partner for Greek retailers and wholesellers.
The updated product portfolio will include Olympic's local brand Fix, its own brand Mythos and a selection of its international premium portfolio brands.
“We have been very pleased with the performance of Mythos Brewery since we took over the business,” remarked Carlsberg chief executive Jørgen Buhl Rasmussen in a press release.
“The merger with Olympic Brewery and the creation of a strong number two player in the Greek market represents a step-change for our local business, and we are very excited about the prospects for the merged company.”
Carlsberg will own 51 percent of the shares in the new company, with the current shareholders of Olympic Brewery owning the remaining 49 percent.
The transaction is conditional upon the necessary regulatory approval from the Hellenic Competition Commission.