Danish brewer Carlsberg said on Friday it had signed an agreement to sell its business in Russia, but it did not identify the buyer or the agreed price for the transaction, which is subject to extensive regulatory review by Moscow.
Carlsberg, the western brewer most exposed to Russia, said last year it expected a loss of about 9.9 billion Danish kroner ($1.45 billion) from the sale of the business, which came as a direct result of the invasion of Ukraine.
The sale agreement will not affect Carlsberg’s earnings expectations for 2023, the company said in a statement.
“The signing of an agreement to sell the Russian business is a very important milestone in the highly complex separation and sale processCarlsberg Chief Executive Cees ‘t Hart said in a statement.
“Although it has been an extensive process, it has been important for us to reach the best possible solution for all stakeholders, including our more than 8,000 employees in Russia.”, he added.
Carlsberg said in March that it expected to announce a sale of the Russian business by June and also indicated that it was looking at an option to buy back the Russian business in the future.
A Carlsberg spokesman declined to elaborate on the identity of the buyer, citing the ongoing approval process for the company’s divestment by Russian authorities.
Source: Reuters
Source: Gestion
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