2023-08-26 01:04:41
Withdrawing from the Russian market, Heineken sells the Russian business for 1 euro. (Associated Press)
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[Financial Channel/Comprehensive Report]After the Ukrainian-Russian war broke out, foreign-funded enterprises withdrew from the Russian market one following another, but the Kremlin retaliated by seizing some foreign-funded assets. On Friday, Heineken, the world’s second largest brewer by market value, announced that it would sell its business in Russia to Russia’s Arnest Group for a symbolic one euro (approximately NT$34), withdrawing from the Russian market.
According to foreign media reports, Heineken has 7 breweries in Russia with 1,800 employees. In this sale case, its employees have employment guarantee for the next 3 years. Heineken said that the transaction has obtained all necessary approvals and is estimated to result in a huge loss of 300 million euros (approximately NT$10.28 billion).
It is understood that following Russia invaded Ukraine, Heineken expected to withdraw from Russia in March 2022, but the withdrawal time was longer than originally expected. Heineken Chief Executive Dolf van den Brink said major manufacturers faced major challenges in exiting Russia.
In addition to Heineken selling its Russian business for a symbolic 1 euro and exiting the market, Russia also took control of a Russian subsidiary of French yogurt maker Danone in July, as well as a stake in beer company Carlsberg’s Russian brewery. Separately, beer giant AB InBev (AB InBev) also said it planned to withdraw from a joint venture with Turkey’s AEFES in Russia.
☆Drinking too much alcohol is harmful to health, and drinking and driving is prohibited☆
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