Carnegie acted as adviser to the board of directors of CloettaFazer in respect of the public bid by Fazer. The CloettaFazer Board of Directors recommended shareholders not to accept the bid. At the bid expiry, Fazer’s ownership in CloettaFazer had risen slightly to 52.4 per cent of votes. CloettaFazer is the Nordic region’s leading confectionery company, with a market share of around 22 per cent. March, 2005.