Yesterday it was announced that Russian President Vladimir Putin had signed a decree ending state control over Carlsberg’s activities in Russia. We learned today that the government approved the sale of the assets to a local company for 34 billion rubles, or $320.75 million. This is what emerges from a government document consulted by Reuters.
Baltika Breweries has been on the list of Kremlin-controlled assets since summer 2023, after Carlsberg announced it had reached a deal to sell the Russian assets. The company subsequently terminated all licensing agreements for the sale of its beer brands in Russia. Carlsberg’s CEO said at the time that the company had been robbed.
As part of the deal, Baltika’s stakes in Carlsberg Azerbaijan, Carlsberg Kazakhstan and another subsidiary in Azerbaijan will be transferred to Carlsberg, in exchange for a brewing asset in Russia.
Carlsberg did not comment on the details, Reuters reports.
According to the news agency, the price offered means that Carlsberg is selling at a significant discount. In February 2023, Carlsberg said its net assets in Russia at the end of 2022 were worth the equivalent of approximately $1.06 billion.
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