Carlsberg A/S, the Danish brewer of Carlsberg, Tetley and Baltika beer, agreed to pay US$120mil to a former Asian partner controlled by a Thai billionaire to divide their assets and settle a legal dispute. The Valby, Denmark-based beer maker will spend US$80mil on buying 50% of Brewery Invest Pte Ltd and 49% of Carlsberg Brewery Hong Kong from Chang Beverages Pte Ltd. Thai liquor tycoon Charoen Sirivadhanabhakdi controls Chang. Carlsberg, the world's sixth largest brewer, agreed to form a partnership with Chang in 2000 to help increase its size in Asia, where beer sales are rising faster than in Europe. It removed executives representing Charoen from the board of Carlsberg Asia in 2003 after the venture failed to develop as planned.