Moscow temporarily controls another foreign beer leading company

(MENAFN) President Vladimir Putin has ordered the temporary transfer of control over AB InBev’s joint venture in Russia to a local company, thwarting the multinational brewery's efforts to exit the country through a deal with Turkish partner Anadolu Efes. AB InBev Efes, the venture formed in 2018 between the Belgium-based beer giant and Turkish brewery Anadolu Efes, operates 11 plants across Russia and produces brands like Budweiser, Stella Artois, and Hoegaarden.

Under the new decree, all shares of AB InBev Efes Russia will be temporarily managed by the Vmeste group of companies. This move comes after Anadolu Efes and AB InBev had planned to swap stakes in their Russian and Ukrainian businesses, with Anadolu Efes expected to take full control of the Russian business. However, Moscow blocked the plan, leading to the nationalization of the joint venture.

The decree follows a broader pattern of Russian authorities nationalizing foreign-owned assets in the country, particularly those from "unfriendly" nations. As part of this strategy, foreign companies exiting Russia are required to sell their assets at a steep discount, sometimes as much as 50%. Shares of Anadolu Efes dropped 10% following the announcement, while AB InBev saw a 1.5% decline in its stock. Other multinational corporations, including Danone and Carlsberg, have also seen their Russian operations temporarily nationalized in recent years.

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