Anheuser-Busch InBev said it was selling its stake in the Russian venture despite losing billions.
The world’s largest Belgian brewer Anheuser-Busch InBev will sell its stake in Russian joint venture AB InBev Efes. The company announced this after similar actions by its competitors Carlsberg and Heineken, reports on Friday, April 22 in Reuters.
Anheuser-Busch InBev said that as a result of the sale of its stake, it will have a disability loss of $ 1.1 billion.
In March, AB InBev suspended sales of its Budweiser brand in Russia and forfeited the financial benefit of its Russian JV, following the example of other large breweries in response to Russia’s invasion of Ukraine.
“AB InBev today announced that it is selling its non-controlling interest in the AB InBev Efes joint venture and is actively negotiating with its partner, Turkish brewery Anadolu Efes, to acquire this interest,” AB InBev said. in a statement.
AB InBev owns a 24% stake in Anadolu Efes as part of its 2016 purchase of largest competitor SABMiller. In 2018, they created a joint venture, AB InBev Efes, by merging their Russian and Ukrainian businesses.
The joint venture has 11 breweries in Russia with 3,500 employees and three in Ukraine with 1,800 employees.
Carlsberg is the top Western player in Russia, followed by AB InBev. The Danish brewery said its decision to sell its business to Russia would result in a write-off of approximately $ 1.39 billion.
Heineken’s Dutch rival said its removal from Russia would cost about 400 million euros.
AB InBev also said it has introduced Chernihivske, Ukraine’s most popular beer brand, to many countries including the UK, Germany, Belgium, France and the Netherlands.
The company noted that all proceeds from the sale of Chernihiv will go towards supporting humanitarian aid, and AB InBev guarantees support for this humanitarian initiative in the amount of at least $ 5 million.
It was previously reported that the world’s largest crypto exchange is restricting access for Russians.
The manufacturer of household chemicals Henkel has announced its departure from the Russian Federation
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Source: korrespondent
