Heineken Just Sold Its Business in Russia—for $1

have pulled out of the country. But recently, Russia has made it harder for companies to do so, allowing the state to take temporary control of assets from those it deems “unfriendly” to Moscow, according to. Last month, for example, Russia took over the local businesses of the French food company Danone and the Danish brewer Carlsberg.

Heineken was able to avoid that fate by selling its business to Arnest. The latter company similarly bought the Russian arm of the American-based Ball for $530 million in September. While this more recent deal is nowhere close to that amount, Arnest will pay 100 million euros owed by Heineken’s Russian business to the parent company.The sale finalizes Heineken’s exit from the Russian market, but the brewer actually stopped selling the Heineken brand in Russia last year.

It’s a good thing, then, that Russians stereotypically prefer vodka to beer, since they’ll now be down a few options when cracking open a cold one.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Heineken Sells Russia Business…for $1The deal with Russia’s Arnest Group comes after Moscow seized the local assets of Danish beer rival Carlsberg.
Source: WSJ - 🏆 98. / 63 Read more »

Dutch brewer Heineken exits Russia, selling business for 1 euro, taking $325 million hitHeineken said it would incur a total loss of 300 million euros ($325 million) for the sale to Russian manufacturing giant the Arnest Group.
Source: MarketWatch - 🏆 3. / 97 Read more »