The Russian government has taken temporary control of AB InBev Efes, a joint venture between Belgium-based AB InBev and Turkish brewer Anadolu Efes. This decision, authorized through a presidential decree, is part of Moscow's broader strategy to nationalize assets of foreign companies from "unfriendly" countries. AB InBev Efes operates 11 breweries in Russia, formerly producing popular brands like Bud, Hoegaarden, and Stella Artois.
Management of its shares has been transferred to the Moscow-based Vmeste group of companies, an entity established in August 2023.
This development follows Moscow's rejection of an agreement between AB InBev and Anadolu Efes to exchange stakes in their Russian and Ukrainian businesses. The proposed deal would have made Anadolu Efes the sole owner of the Russian venture. (inside.beer, 23.10.2024).
With the planned share swap, AB InBev intended to exit the Russian market entirely, but the plan was now blocked, reflecting tightened regulations on foreign business exits. This decision triggered a 10% drop in Anadolu Efes shares and a 1.5% decrease for AB InBev.
Similar measures earlier impacted Carlsberg and Heineken. The Russian business of Baltika Breweries, controlled by Carlsberg, was placed under state control in 2023 (inside.beer, 16.07.2023). Heineken, after announcing its exit from Russia, finalized the sale of its operations in August, adhering to Kremlin-imposed discounts of up to 50% on such transactions (inside.beer, 25.08.2023).
President Putin's decree from April 2023 has facilitated the temporary takeover of foreign companies' Russian assets. These actions also extend to other sectors, with businesses like Danone and the Universal Beverage Company facing similar nationalization efforts.
This approach highlights Moscow's aim to secure economic stability amidst ongoing sanctions and geopolitical tensions, forcing multinational companies to adapt to the Kremlin's stringent policies.
