Carlsberg Sells Baltika Breweries for €300 Million as Moscow Approves, Shares Rise

Dec 3, 2024, 05:56 AM

Carlsberg has finalized the sale of its Russian business unit, Baltika Breweries, for €300 million, following Moscow's approval. This development comes after Russian President Vladimir Putin signed a decree ending government control of Baltika. The decree transferred 98.56% of Baltika's shares, previously owned by Carlsberg Sverige Aktiebolag, to the Russian Federal Property Management agency. The sale marks Carlsberg's complete exit from ownership of Baltika. Baltika had been seized by Moscow in July 2023, prompting Carlsberg CEO Aarup-Andersen to describe the move as "stolen." Carlsberg's shares rose on the news of the decree and subsequent sale.