Anheuser-Busch InBev Announces Decision to Sell Interest in Russian JV
Anheuser-Busch InBev (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE: ANH) (“AB InBev”) 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’s request regarding the suspension of the license for production and sale of Bud in Russia will also be part of a potential transaction. AB InBev previously announced it is forfeiting all financial benefit as a non-controlling partner from the joint venture operations. As a result, AB InBev is de-recognizing the investments in AB InBev Efes and will report a 1.1 billion USD non-cash impairment charge in non-underlying share of results of associates as part of its first quarter results announcement.
Together with its partner, AB InBev continues to support its employees, their families and the humanitarian relief efforts in Ukraine. Support for its displaced employees and their families includes counseling, housing and financial support. In addition to donating to NGOs and the relief organization Caritas, AB InBev is working in partnership with them, other companies and local NGOs to provide food, blankets, medical supplies and 3 million cans of emergency drinking water to Ukraine and surrounding refugee relief areas.
AB InBev has also introduced Chernigivske, Ukraine’s most loved beer brand, to many countries, including the UK, Germany, Belgium, France, Netherlands, Denmark, Austria, Poland, Italy, Colombia and Brazil with additional markets planned. All profits from the sale of Chernigivske will go to support humanitarian relief efforts and AB InBev is guaranteeing at least 5 million USD of support from this humanitarian initiative.
AB InBev’s focus remains on assisting its people, their families and the overall humanitarian relief efforts while wishing for peace.
Source: Anheuser-Busch InBev