Sector News

AB InBev to sell stake in Russian joint venture, faces $1.1bn hit

April 24, 2022
Food & Drink

AB InBev has announced that it plans to sell its non-controlling stake in its Russian joint venture AB InBev Efes.

The company is looking to divest the interest to its joint venture partner, Turkish brewer Anadolu Efes, and says that active discussions are underway.

AB InBev says it will report a $1.1 billion impairment charge in its first-quarter results as a repercussion of the sale.

According to Reuters, AB InBev has a 24% stake in Anadolu Efes. The companies formed the AB InBev Efes joint venture in 2018, combining their respective Russian and Ukrainian businesses.

AB InBev said in a statement: “Together with its partner, AB InBev continues to support its employees, their families and the humanitarian relief efforts in Ukraine. Support for its displaced employees and their families includes counselling, housing and financial support.”

The statement continued: “In addition to donating to NGOs and the relief organisation Caritas, AB InBev is working in partnership with them, other companies and local NGOs to provide food, blankets, medical supplies and 3 million cans of emergency drinking water to Ukraine and surrounding refugee relief areas.”

AB InBev’s decision to sell its stake in the Russian joint venture comes after similar moves from rivals Carlsberg and Heineken, which have also exited businesses in Russia.

By Lauren Ford

Source: foodbev.com

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.