AB InBev's Stake Sale in Russian Joint Venture Rejected
By Michael Susin
Budweiser brewer Anheuser-Busch InBev said Russian authorities rejected the sale of its stake in its Russian joint venture with Turkish brewer Anadolu Efes.
AB InBev, the world's largest brewer, agreed to sell its interest in the venture to Anadolu Efes in December last year, joining the exodus of companies that stopped doing business in the country following Russia's invasion of Ukraine. The two brewers established AB InBev Efes in 2018.
AB InBev had said no amount would be paid on closing and any payments received after deal completion were expected to be not material.
AB InBev said Thursday that it is reviewing Russia's decision, and that the business continues to operate under the direction of Anadolu Efes management.
The rejection comes almost a year after AB InBev peer Carlsberg terminated license agreements in Russia, with the Baltika Breweries management transferred to local authorities.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
August 08, 2024 06:40 ET (10:40 GMT)
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