02 September, 2005

Russia: Voronezhsky brewery’s shareholders file a court suit, blocking the way for Baltic Beverages Holding

One more company of Baltic Beverages Holding (BBH) was against the consolidation of the Russian brewery market. Minor shareholders of Voronezhsky brewery filed a suit with the local court of arbitration demanding that the merger with Yarpivo be forbidden. Unknown shareholders of Baltika and Pikra, two other breweries of BBH, have recently taken similar steps, the daily Kommersant reported on August 31 . At this time the holding will be hardly able to resist the pressure of its minor shareholders.

Yarpivo and Voronezhsky brewery, two breweries,held annual general meetings in June 2005 when Yarpivo approved the merger, while shareholders of Voronezhsky brewery disagreed. Offshore company Emit Trading Limited, a minor shareholder in Voronezhsky brewery, filed a suit with the Court of Arbitration of Voronezh Region yesterday demanding that the agreement on the consolidation of Voronezhsky brewery into Yarprivo be nullified.

Actions of minor shareholders of the Voronezhsky brewery resemble recent steps taken by their counterparts from Baltika and Pikra, two other breweries of Baltic Beverages Holding.

Minor shareholders of the two breweries went to court to challenge results of the vote at the general meeting claiming that Hartwall Capital company, which acted as a minor shareholder then, is in fact connected to BBH. The trial is still in progress.

Minor shareholders of Baltika and Voronezhsky brewery took actions once BBH had officially announced its intentions to consolidate all its breweries on the basis of Baltika. Experts evalutate the steps of minor shareholders as coordinated and well-considered.

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