Anheuser-Busch InBev prepares to exit the Russian market
Anheuser-Busch InBev is seeking a buyer for its Russian business, becoming the latest international brewer to prepare its exit from the Russian market.
The group, which has a joint venture with Anadolu Efes in the country, confirmed today that “active discussions” are underway with its partner over the sale of its stake. As part of the negotiations, the flagship Budweiser brand, marketed as “Bud” in Russia, will not be produced or sold in the country.
The news, which will cost the group a $1.1 billion impairment charge in its upcoming results, comes almost a month after rivals Carlsberg and Heineken confirmed their intention to exit Russia.
Anheuser-Busch InBev partner Anadolu Efes looks set to buy the company in Russia.
On March 11, A-B InBev stated that it was not in a position to completely shut down its Russian operations, given Anadolu Efes’ controlling stake in the joint venture.
In today’s announcement, A-B InBev highlighted its humanitarian efforts in Ukraine, including support for employees and their families in the form of counseling, housing and financial assistance. The company has also launched its Ukrainian brand, Chernigivske, in markets such as Brazil, Colombia, Germany and the United Kingdom, with all profits being donated to relief efforts.
The company will present its results for the first three months of 2022 on May 6.
Source: justdrinks.com
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