In March, AB InBev (BUD) suspended sales of its Budweiser brand in Russia and forfeited financial benefit from its Russian joint venture, following the lead of other major brewers in reaction to Russia’s invasion of Ukraine, which Moscow dubs a “special operation.”
“AB InBev today announced that it will sell its non-controlling interest in the AB InBev Efes joint venture and is in active discussions with its partner, Turkish brewer Anadolu Efes, to acquire this interest,” AB InBev said in a statement.
AB InBev has a 24% stake in Anadolu Efes, part of its 2016 purchase of its next largest rival SABMiller. They formed the AB InBev Efes joint venture in 2018, combining their respective Russian and Ukrainian businesses.
The joint venture has 11 breweries in Russia, employing 3,500 people and three in Ukraine, employing 1,800. Carlsberg is the leading Western player in Russia, followed by AB InBev.
The Danish brewer said on Thursday its…
