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In December 2013 Carlsberg gained control of Chongqing Brewery Group  in China by com- pleting a partial takeover offer and acquiring 30.29% of the shares at a purchase price of DKK 2,636m. In addition, a put option was granted allowing a non-controlling interest of 4.95% of the shares to be sold to Carlsberg within a 12-month period at the same price per share as the partial takeover offer price. This put option was recognised at fair value amounting to DKK 428m. Prior to Carlsberg gaining control, Chongqing Brewery Group was classified as an associate and consoli- dated according to the equity method. 

In October 2013 Carlsberg gained control of South Asian Breweries Group  through the exer- cise by a non-controlling interest of a put op- tion of 6.67% of the shares at a price of DKK 108m. Prior to Carlsberg gaining control, South Asian Breweries Group was classified as a joint venture and proportionately consolidated. 

## ACQUIRED ENTITIES 

The acquisitions of Chongqing Brewery Group and South Asian Breweries Group were both made in several steps over a period of 2-3 years, leading to Carlsberg gaining control in December and October 2013 respectively. The shareholding for each of these groups recog- nised prior to gaining control had a fair value equal to the carrying amount, which is why no revaluation adjustment has been recognised. The purchase price allocations of the fair value of identified assets, liabilities and contingent liabilities are still ongoing. Adjustments are therefore expected to be made to all items in the opening statement of financial posi- tion, especially in relation to trademarks and property, plant and equipment in Chongqing Brewery Group. Accounting for the acquisition will be completed within the 12-month period required by IFRS 3. 

In January 2013 Carlsberg gained control of distribution entities  acquired from Nordic Getränke following the termination of coop- eration between Carlsberg and its partner. The consideration consisting of assumed debt amounts to DKK 143m. Prior to Carls- berg gaining control, Nordic Getränke was classified as an associate and consolidated according to the equity method. The share- holding recognised prior to gaining control was impaired to fair value in December 

## FAIR VALUE OF NET ASSETS ACQUIRED 

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2012, which is why no revaluation adjust- ment has been recognised. The purchase price allocation of the fair value of identified assets, liabilities and contingent liabilities has been completed. 

## ACQUISITION OF ENTITIES 

The Group has not completed any acquisi- tions of entities during 2013 or 2012 that were not step acquisitions. 

In 2012, the purchase price of part of the activities in S&N (acquired in 2008) was adjusted by DKK 4m as a result of alloca- tion of debt according to agreement. The adjustment was recognised as goodwill. The purchase price is expected to be further adjusted depending on the final allocation of debt according to agreement. 

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