The Carlsberg acquisition of part of Scottish & Newcastle has left the brewery “vunerable”, according to a Danish commentator. Jens Christian Hansen, Deputy Editor of the Copenhagen paper Berlingske Tidende, writing in Scotland's Sunday Herald, said the Danish brewer may have over extended itself with its latest deal. The joint £11bn Heineken and Carlsberg deal to purchase S&N finally went through last week – following an inquiry by the European Commission. Under the terms of the deal Carlsberg took one time partner S&N's half of a Russian joint venture Baltic Beverages Holding, which makes Russia's Baltica Beer, along with its interests in China, France, Greece and Vietnam. But Hansen said Heineken will have an easier time of financing the deal. He said: “While the Dutch will sign their final cheque for S&N this week with a casual flourish, the Danes are being pushed to their limit. “Carlsberg's bankers will provide bridge financing, on condition that the brewery asks the equity market for about £3bn more capital. “It has become slightly cheaper for Carlsberg to buy its share because of the strength of the krone against the pound. But it is still the biggest cross-border acquisition ever made by a Danish company. “Over the next few years Carlsberg looks vulnerable.” Carlsberg last week announced a 1% drop in European beer volumes in Western Europe, although growth was strong growth in Asian and Eastern Europe markets. But for Hansen these in-roads into emerging markets will have put costs pressures on Carlsberg. And he argues the Carlsberg Foundation, which controls the 160 year-old company, lacks the cash to back the deal. “Rising interest rates will hurt, even if cashflow looks strong,” adds Hansen. “Any big problems and higher interest rates will put serious pressure on Carlsberg. Market share and profits in Russia will have to be defended. “Meanwhile, beer consumption in Western Europe will continue to fall, demanding fewer and more effective breweries and more focus on distribution. “New opportunities will come up in Asia – especially in China. Danish companies have a strong mercantile tradition, but the question is whether Carlsberg has the financial power and smarts to keep it up with the competitors. “The funeral of S&N is also the baptism of Carlsberg as a global power. Until it grows to robust maturity, its survival in the big league remains in doubt.”