Carlsberg Foundation looks to change charter to pursue deals The Carlsberg Foundation, which controls Carlsberg, the world's fourth-largest beer maker by sales, is seeking approval to change a key rule in its charter that would allow the Danish brewer to raise capital and pursue deals. The charter currently stipulates that the foundation - Carlsberg's main owner - must hold at least 51 per cent of the voting rights and more than 25 per cent of the share capital in Carlsberg. Removing this requirement would allow the foundation to issue more non-voting shares and still retain control. The foundation last changed its charter in 2007, which allowed Carlsberg to sell shares to help finance its takeover of the Russian and Baltic part of a joint venture with UK brewer Scottish & Newcastle. Carlsberg doubled its share capital by raising DKr30.5bn in what was Denmark's largest rights issue at the time. Analysts at Bernstein said possible targets for the brewer could include bolt-on deals in Asia, including buying out minorities in some of its existing operating companies in China or increasing its stake in joint ventures in Vietnam. "Carlsberg could also contemplate a bigger deal in China," the analysts said, but dismissed a possible combination with one of the other large global brewers such as AB InBev. Joergen Buhl Rasmussen, chief executive, said the amendment would increase the group's financial flexibility, but there were no plans for any immediate capital increases or big structural changes. In the event that value-enhancing opportunities arise, we can pursue these more easily with the changed charter. As a result of this, and as the group continues to deliver a stable and strong cash flow, we have decided to propose a more explicit dividend policy," Mr Rasmussen said. The foundation will still control at least 51 per cent of the voting rights through preferred A-shares. Carlsberg has a complicated governance structure, with two classes of shares. Both have the same economic rights; but the A shares have 10-times greater voting rights. The Carlsberg Foundation owns 97 per cent of the A shares and 11 per cent of the B shares, giving it a 30 per cent economic interest but 75 per cent of the votes. After the amendment, the foundation will still control at least 51 per cent of the voting rights through preferred A-shares. The board on Friday also proposed to phase in a new dividend policy over a two-year period, so that dividends for 2014 and onwards would be at least 25 per cent of adjusted net profit. Set up in 1876 by JC Jacobsen, the founder of Carlsberg, to support Danish scientific research, the foundation is run by five trustees elected by and from the 250 domestic members of the Royal Danish Academy of Sciences and Letters. The five trustees also sit on the board of Carlsberg. Changes to the charter must go through a lengthy procedure, and is subject to approval by Denmark's Ministry of Justice. Shares in Carlsberg were up 1.1 per cent to SKr571.