Turkish brewer Anadolu Efes said it had not received a response from Russian regulators on its bid to buy partner Anheuser-Busch InBev out of a joint venture in Russia, after a media report said the deal had been rejected.
AB InBev, the world’s biggest beer brewer by volume, said in April 2022 it would sell its interest in the venture to Anadolu Efes in order to exit Russia following its invasion of Ukraine.
However, the deal requires approval from Russian authorities. On Tuesday, Russia’s RBC business daily reported the government commission on foreign asset sales had turned down the bid, citing three unidentified sources.
No Response Received
Anadolu Efes said in a stock market announcement that it had not received “any official response as such”.
“Any developments in this regard will be duly announced,” it continued, adding the process to seek approvals was initiated in December 2023.
AB InBev referred Reuters to Anadolu Efes for comment. A spokesperson did not immediately respond to further questions on the implications of any rejection for AB InBev.
The companies’ 50:50 joint venture, formed in 2018, operates in Russia and Ukraine, where it has 11 breweries and three breweries respectively.
In March 2022, in the wake of the invasion of Ukraine, AB InBev announced its decision to relinquish all financial benefits as a non-controlling partner in the AB InBev Efes joint venture in Russia. Subsequently, in April 2022, AB InBev revealed its intention to divest its non-controlling interest in the joint venture. In August 2023, the group said that it was in ‘active discussions’ with Anadolu Efes, regarding the potential acquisition of this interest.
Russian authorities seized Danish brewer Carlsberg’s Russian business after the company agreed to sell it to an undisclosed buyer in 2023. The move prompted CEO Jacob Aarup-Andersen to say its business had been “stolen”.
Additional reporting by ESM
