(April 21): Carlsberg A/S is preparing a major shift in its soft drinks strategy, replacing Coke with Pepsi across much of Northern Europe in a move set to reshape the region’s beverage market.
The Danish brewer said it will become PepsiCo Inc’s bottler in Denmark, Finland and the Baltic states from Jan 1, 2029, while also taking over production, sales and distribution. Carlsberg’s current bottling agreements with Coca-Cola Co in Denmark and Finland will now expire by the end of 2028.
The shift follows Carlsberg’s 2025 acquisition of Britvic, which gave the Copenhagen-based company rights to produce and sell PepsiCo brands including Pepsi, 7UP and Mountain Dew in Great Britain through 2040. Carlsberg already has Pepsi deals in place in Sweden and Norway, and the new deal will strengthen its position as a key Pepsi bottler, with rights in 14 countries across Europe and Asia.
“The agreement is very good news for Carlsberg,” Per Hansen, an investment economist at Nordnet, said in an emailed comment. “It’s part of the long-running efforts following the acquisition of Britvic.”
Meanwhile, the transition was bad news for Carlsberg’s Danish rival, Royal Unibrew A/S, which is now set to lose its Pepsi partnership in the affected markets. The company said in a separate statement that the loss of the deal will cut about 13% of its revenue. It said it plans to offset the impact through growth in its own brands and via cost cuts.
Royal Unibrew shares fell as much as 20% in Copenhagen while Carlsberg’s stock was little changed in early trade.
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