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Carlsberg Advances Most in Five Years as Brewer Cuts 2,000 Jobs

  • Shares rise as much as 8.7%, steepest gain since February 2010
  • Restructuring will cut costs by as much as 2 billion kroner
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Carlsberg to Benefit From Restructured U.K. Strategy: CEO

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Carlsberg A/S shares rose the most in more than five years after the Danish brewer unveiled plans to cut about 2,000 jobs and reverse a profit decline caused by the weakness of Russia’s beer market.

The stock advanced as much as 8.7 percent to 602.50 Danish kroner, the biggest session gain since February 2010. The restructuring will reduce annual costs by as much as 2 billion kroner ($288 million) by 2018 and trim office headcount by 15 percent in countries including Russia, the U.K. and parts of Asia, Chief Executive Officer Cees ’t Hart said by phone. About 1,300 employees have already been notified.