Anadolu Efes receives official notification that Russian authorities have not approved deal with AB InBev

MOSCOW. Aug 8 (Interfax) - Anadolu Efes received official notification on August 7 that Russian authorities have not approved its deal with Belgium's AB InBev, the Turkish company said in a statement.

"According to the notification received by our company on August 7, 2024, the Russian regulatory authorities have not approved the current structure of the transaction. Consequently, Anadolu Efes and AB InBev are reviewing the authorities' decision. Updates will be duly announced," it said.

In the interim, the business will continue to operate as usual under the management of Anadolu Efes, it said.

In the course of the deal, the Turkish company planned to buy a stake in their joint Russian business, AB InBev Efes. The completion of the transaction was contingent upon obtaining the necessary regulatory approvals. The legal process was initiated on December 19, 2023.

AB InBev Efes owns 11 breweries and three malt house complexes in Russia. The company's revenue grew 11.4% to 108.6 billion rubles in 2023. Net profit increased from 12.3 billion rubles in 2022 to 16.7 billion rubles in 2023. AB InBev Efes produced 23.2 million hectoliters of beer and 527,700 hl of kvass, cider and water in 2023.