From Denmark to Moscow: Carlsberg's Russian Exit Saga

The Danish brewer Carlsberg has sold its Russian assets to VG Invest for 34 billion roubles. This sale follows Moscow's seizure of Carlsberg's stake in Baltika Breweries. The transaction includes transferring stakes from Carlsberg Azerbaijan and Kazakhstan, and exchanging a brewery asset, Hoppy Union.

The Danish brewer Carlsberg's assets in Russia have been approved for sale to local firm VG Invest for 34 billion roubles, as per a government document obtained by Reuters. This development follows the earlier seizure of Carlsberg's stake in Baltika Breweries by Moscow authorities.

The transaction involves the transfer of Carlsberg's stakes in its Azerbaijan and Kazakhstan subsidiaries for a Russian brewery asset, Hoppy Union. Speculation lingers around the sale price, suggesting a substantial discount from February estimates of Carlsberg's Russian assets.

This strategic move aligns with Russia's increasing demands accompanying foreign business exits post-sanctions, requiring steep asset discounts and added state contributions labeled as an 'exit tax.' Carlsberg and related parties have yet to comment on the sale details.

(With inputs from agencies.)