23.06.2023, 15:31
Carlsberg Group has signed an agreement on the sale of Baltika
Source: OREANDA-NEWS
OREANDA-NEWS Carlsberg Group has signed an agreement on the sale of the Russian business, which is represented by the Baltika brewing company.
"Following our decision last year to sell our business in Russia and the subsequent extensive process of separating the business from the rest of the Carlsberg Group, Carlsberg today signed an agreement to sell its Russian business," the concern said in a statement.
Carlsberg clarifies that the separation of the Russian business was very complex, it included about 150 work flows for business functions and investments in equipment for breweries and IT infrastructure in markets outside Russia in the amount of more than 150 million Danish crowns.
"The transaction is subject to regulatory approval in Russia. This includes submitting applications to the government commission for its approval. In addition, the transaction is subject to several usual conditions, including regulatory approval and the fulfillment of certain conditions in a number of jurisdictions," the press release says.
Consequently, the timing of the final completion of the transaction remains uncertain, the concern states.
The sale agreement will not affect expected revenues in 2023, according to a press release.
Carlsberg announced plans to withdraw from the Russian market in March last year. In addition, he suspended investments and exports to the Russian Federation, refused to advertise on the Russian market and stopped producing beer here under his flagship brand Carlsberg.
The concern has owned a stake in the Baltika brewing company since 2000, in 2008 it became the majority shareholder (and then the only one, buying shares from the stock exchange and delisting).
"Following our decision last year to sell our business in Russia and the subsequent extensive process of separating the business from the rest of the Carlsberg Group, Carlsberg today signed an agreement to sell its Russian business," the concern said in a statement.
Carlsberg clarifies that the separation of the Russian business was very complex, it included about 150 work flows for business functions and investments in equipment for breweries and IT infrastructure in markets outside Russia in the amount of more than 150 million Danish crowns.
"The transaction is subject to regulatory approval in Russia. This includes submitting applications to the government commission for its approval. In addition, the transaction is subject to several usual conditions, including regulatory approval and the fulfillment of certain conditions in a number of jurisdictions," the press release says.
Consequently, the timing of the final completion of the transaction remains uncertain, the concern states.
The sale agreement will not affect expected revenues in 2023, according to a press release.
Carlsberg announced plans to withdraw from the Russian market in March last year. In addition, he suspended investments and exports to the Russian Federation, refused to advertise on the Russian market and stopped producing beer here under his flagship brand Carlsberg.
The concern has owned a stake in the Baltika brewing company since 2000, in 2008 it became the majority shareholder (and then the only one, buying shares from the stock exchange and delisting).
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