Beer Giant To Take $1 Billion Loss To Leave Russia

Bloomberg News reports:

Anheuser-Busch InBev will sell its stake in a Russian joint venture, taking a $1.1 billion hit as the world’s largest brewer joins the global move to exit operations following the country’s invasion of neighboring Ukraine.

Leuven, Belgium-based AB InBev said it will dispose of its holding in the AB InBev Efes venture, adding that it’s already in “active discussions” with partner Turkish brewer Anadolu Efes about buying the stake, in a statement Friday.

The move comes in the wake of decisions across the beer industry to halt operations in Russia. Danish brewer Carlsberg A/S on Thursday cut its earnings guidance and said it’s facing a $1.4 billion writedown as it moves ahead with plans to exit Russia.

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