AB InBev to take $1.1 billion bit as it sells its stake in Russian venture [Fortune]
CARLSBERG AS SP/ADR REP B (CABGY)
NASDAQ:AMEX Investor Relations:
carlsberggroup.com/investor-relations/shares
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Source: Fortune
Leuven, Belgium-based AB InBev said it will dispose of its holding in the AB InBev Efes venture, adding that it's already in “active discussions” with partner Turkish brewer Anadolu Efes about buying the stake, in a statement Friday. Shares in AB InBev dropped 1.4% in early trading. Anadolu Efes gained as much as 5.1% in Istanbul, the highest since December. The move comes in the wake of decisions across the beer industry to halt operations in Russia. Danish brewer Carlsberg A/S on Thursday cut its earnings guidance and said it's facing a $1.4 billion writedown as it moves ahead with plans to exit Russia, while Amsterdam-based Heineken NV said in late March it plans to sell its business in the country. AB InBev said a request to suspend the license for production and sale of the Bud brand in Russia will also be part of a potential deal for the Russia JV. The company had previously announced that it would forfeit all financial benefit as a non-controlling partner from the ventur
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