AB InBev sale of Russian JV stake to Anadolu Efes rejected by authorities

LONDON (Reuters) – Russian authorities have rejected Anheuser-Busch InBev and Anadolu Efes’ deal whereby the world’s top beer maker would sell its stake in their Russian joint venture to the Turkish brewer, the companies said on Thursday.

AB InBev, the world’s biggest 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. But the deal required regulatory approvals.

AB InBev and Anadolu Efes said in separate statements on Thursday that these approvals had not been granted. The Turkish brewer added it had received notice of the decision on Wednesday and it would share updates in due course.

“Anadolu Efes and AB InBev are reviewing the decision,” AB InBev’s statement said. “The business in Russia continues to operate under the direction of Anadolu Efes management.”

The news makes AB InBev the latest in a string of companies to have their efforts to exit Russia scuppered by authorities.

Rival brewer Carlsberg (CSE:) had its Russian unit seized after announcing it had agreed to sell it to an undisclosed buyer in 2023, prompting CEO Jacob Jacob Aarup-Andersen to say its business had been “stolen”.

AB InBev and Anadolu Efes’ announcement follows a report from a Russian paper earlier this week which said the deal had been rejected, citing sources.