Budweiser owner AB InBev to exit Russian venture in $1.1bn hit
Budweiser owner Anheuser-Busch InBev has said it will cut off supplies of its beer to Russia by selling its stake in a joint venture to a Turkish partner.
The move will trigger a $1.1bn impairment charge in the world’s largest brewer’s first quarter results.
The Belgian brewer revealed it was in “active discussions” about selling its share of a joint venture with Anadolu Efes. It has asked for the halting of sales of Budweiser within the agreement.
Shares in the brewing titan were down almost two per cent on Friday morning.
AB InBev holds a 24 per cent stake in Anadolu Efes, which it snapped up within its acquisition of rival brewer SABMiller in 2016.
Some 11 Russian breweries are included in the venture, plus three in Ukraine.