AB InBev exits Russian joint venture AB InBev Efes

AB InBev will sell its stake in the Russian joint venture AB InBev Efes, a decision that will cost the company $1.1 billion. The Belgian-Brazilian brewer is in talks with Anadolu Efes, the Turkish brewer that owns the majority of AB Inbev Efes. With this departure, AB InBev is the umpteenth company to turn its back on Russia.

Last month, the world's largest brewer also suspended the sale of its US brand Bud. "AB InBev's request regarding the suspension of the license for the production and sale of Bud in Russia will also be part of a potential transaction," the company said.

AB InBev's decision to exit the Russian joint venture AB InBev Efes will cost the company $1.1 billion. The Belgian-Brazilan brewer is not the only company in the sector to exit its operations in Russia. Carlsberg had announced on Thursday that it would take a 1.4 billion dollar impairment charge as a result of its plans to leave Russia. Dutch brewer Heineken also announced to sell its Russian operations.

Meanwhile, AB InBev has launched the Ukrainian beer brand Chernigivske in several countries, including Belgium, the UK, Germany, France, the Netherlands, Denmark, Austria, Poland, Italy, Colombia and Brazil. Other countries are yet to follow. ​ All profits from the sale of Chernigivske will go to humanitarian causes. The brewer will guarantee at least $5 million.

(AHU)

© Belga Photo Jasper Jacobs