Anheuser-Busch InBev has drawn up a new arrangement with its joint-venture partner in Russia to expedite its formal departure from the country’s beer market.
Just over two months ago, the Russian Government refused to approve an agreement between the brewer and Anadolu Efes that would have seen the latter take outright control of the pair’s JV, which operates in Russia and Ukraine. Under the deal, Turkey-based Anadolu Efes, whose management is overseeing the unit’s business in Russia currently, would not have received any payment in exchange for its partner’s non-controlling interest in six-year-old AB InBev Efes.
The pair have announced this week that they intend to split the venture, with Anadolu Efes taking the Russia operations and AB InBev owning the Ukraine unit.
“The transaction, including the purchase price and other terms, is subject to required governmental and other regulatory approvals,” AB InBev said earlier today. “There can be no assurances on when and whether these approvals will be obtained.”
Further details were not disclosed pending approval.
AB InBev, which reported a near-3% rise in H1 sales in August, will announced its third-quarter results on Thursday 31 October.
