Shares in Royal Unibrew plunged 26% Tuesday, their worst drop ever. PepsiCo handed bottling rights to Carlsberg. Denmark, Finland, the Baltics—gone from Royal Unibrew by 2028’s end. Carlsberg steps in January 2029. A seismic shift in Northern Europe’s soft-drink wars. The Danish brewer, already PepsiCo’s partner in Sweden and Norway for 25 years, now claims all Nordics plus Latvia, Estonia, and Lithuania. Production. Sales. Distribution. Carlsberg’s portfolio swells. CEO Jacob Aarup-Andersen called it “an exciting move, solidifying our longstanding strategic partnership with PepsiCo.” Growth prospects, he said, from blending beer and soft drinks—”truly significant.” PepsiCo’s Eugene Willemsen, head of international beverages, echoed that. “We’re pleased to further strengthen our collaboration with Carlsberg by adding five markets in January 2029,” he stated. New growth for both sides.…