The move is a blow to ZenithOptimedia, which loses the £13m UK account for the Carlsberg and Tetley brands.
Carlsberg had shortlisted OMD and ZenithOptimedia for the final stages of a four-way pitch after Initiative and MediaCom were knocked out in the early stages.
The review covered nine markets, with the UK being the largest. The other markets the account covers are Denmark, Norway, Sweden, Finland, Germany, Switzerland, Italy and Poland.
Antony Young, chief executive of ZenithOptimedia, said: "If this had been a UK pitch we would have easily held on to the business but it was a pan-European decision."
The review, which kicked off in November and was due to be completed by June, was led by Alex Myers, vice-president marketing and innovation at Carlsberg.
"The review process will help us to optimise the service levels for strategic and day-to-day support, and ensure competitive buying in all markets," Myers said when the review got underway.
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