Putin orders local control of AB InBev's Russian joint venture
(MENAFN) On Monday, Russian leader Vladimir Putin issued a directive transferring control of AB InBev's joint venture in Russia to a domestic entity, blocking the multinational brewery’s planned exit through a deal with a Turkish partner. This move is part of Moscow's broader policy of temporarily nationalizing assets of foreign companies, including major beer producers.
AB InBev Efes, the joint venture in question, was established in 2018 through the merger of assets owned by Belgium-based AB InBev and Turkey’s Anadolu Efes. Operating 11 plants across Russia, the company’s portfolio features popular brands like Bud, Hoegaarden, Stella Artois, Lowenbrau, Klinskoe, and Sibirskaya Korona.
Under the presidential decree, all shares of AB InBev Efes Russia have been placed under the temporary management of the Vmeste group of companies.
Earlier this year, Anadolu Efes and AB InBev had reached an agreement to exchange stakes in their businesses in Russia and Ukraine. The arrangement would have made Anadolu Efes the sole owner of the Russian operations, while AB InBev would take over the Ukrainian unit. However, the deal required approval from Russian authorities, which is now unlikely given the recent developments.
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