Carlsberg's sale of Russia business uncertain due to Putin decree

19-Jul-2023 - Denmark

A decree signed by Kremlin leader Vladimir Putin is causing major uncertainty for the sale of the group's Russian business, according to Danish brewing group Carlsberg. The government in Moscow published a presidential decree on Sunday placing the Baltika breweries under temporary Russian state administration, a Carlsberg statement said. No information about it had been received from the Russian authorities, it said, adding that the development was unexpected. Following the decree, the prospects for the sales process are now highly uncertain, it said.

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Carlsberg is one of the largest brewing groups in the world. A month after the Russian invasion of Ukraine, the group had announced in March 2022 that it intended to withdraw completely from Russia and sell its business there around the Baltika breweries. Baltika is considered Russia's largest beer brewer. Around three and a half weeks ago, Carlsberg then announced that it had found a buyer for its Russian business. The necessary approvals from the Russian authorities were still awaited, it was said at the time. Carlsberg did not disclose the name of the buyer or the sale price./trs/DP/jha (dpa)

Note: This article has been translated using a computer system without human intervention. LUMITOS offers these automatic translations to present a wider range of current news. Since this article has been translated with automatic translation, it is possible that it contains errors in vocabulary, syntax or grammar. The original article in German can be found here.

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