News Formal

Dutch brewer Heineken exits Russia, selling business for 1 euro, taking $325 million hit

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 12 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Heineken said it would incur a total loss of 300 million euros ($325 million) for the sale to Russian manufacturing giant the Arnest Group.

THE HAGUE, Netherlands — Dutch brewer Heineken has completed its withdrawal from Russia, 18 months after Moscow launched its full-scale invasion of Ukraine, selling its business in Russia for just 1 euro, the company announced Friday.

In March last year, Heineken had said it was quitting Russia as its business there was “no longer sustainable nor viable in the current environment,” but added that it wanted to ensure an “orderly transfer” to a new owner.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States 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 »