Brewer Budweiser AB InBev sells a stake in 11 Russian breweries

in March, AB InBev (BUD) it suspended sales of its Budweiser brand in Russia and lost the financial advantage from its Russian joint venture, following the example of other major breweries in reaction to the Russian invasion of Ukraine, which Moscow calls a “special operation”.

“AB InBev announced today that it will sell its minority stake in the AB InBev Efes joint venture and is in active talks with its partner, Turkish brewer Anadolu Efes, to acquire this stake,” AB InBev said in a statement. .

AB InBev holds a 24% stake in Anadolu Efes, part of the 2016 purchase of its next biggest rival SABMiller. They formed the AB InBev Efes joint venture in 2018, combining their respective Russian and Ukrainian businesses.

The joint venture has 11 breweries in Russia with 3,500 employees and three in Ukraine with 1,800 employees. Carlsberg is the leading Western player in Russia, followed by AB InBev.

The Danish brewer said Thursday that his decision to sell his business in Russia would result in a devaluation of about $ 1.39 billion. Dutch rival Heineken said his exit from Russia would amount to related expenses of around € 400 million ($ 434 million).

AB InBev also claimed to have introduced Chernigivske, Ukraine’s most popular beer brand, to many countries, including Britain, Germany, Belgium, France and the Netherlands.

“All profits from the sale of Chernigivske will go to support humanitarian relief efforts and AB InBev is securing at least $ 5 million in support from this humanitarian initiative,” he said.