Turkey & Russia: Russia again declines Anadolu Efes' proposal to buy AB InBev’s stake in their joint venture

Authorities in Russia have again declined Anadolu Efes' proposal to buy Anheuser-Busch InBev's (AB InBev) stake in their joint venture (JV), Yahoo Finance reported on June 20.

In a filing on Turkey's Central Securities Depository, Anadolu Efes said, “pursuant to the notification made by the Russian regulatory authorities and considering the developments during the period, the relevant application has been rejected”.

“We are reviewing next steps with AB InBev,” it added.

AB InBev and Anadolu Efes established AB InBev Efes in 2018. The JV combines both their Russian and Ukrainian businesses.

The venture operates 11 breweries in Russia, producing beers under brands such as Klinskoe and Efes Pilsen.

Following Russia’s invasion of Ukraine, the Belgium-based brewer announced in April 2022 its intention to divest its stake in the joint venture and began negotiations with Anadolu Efes.

In December 2023, AB InBev, known for Leffe, confirmed it would sell its 50% stake in the Russian joint venture to Anadolu Efes.

However, Russian authorities blocked the transaction in August of the following year.

Two months later, AB InBev and Anadolu Efes finalised a new agreement for the sale of its share in the Russian operations of their joint venture.

In exchange, the Belgian brewer planned to acquire Anadolu Efes's stake in the Ukrainian side of the partnership.

Moscow assumed control of the Russian segment of the joint venture in January.

The Russian government transferred the local assets of AB InBev Efes to a group of companies called Vmeste under "temporary management", according to statements from both brewers at the time.

In its first-quarter results for 2025, Anadolu Efes excluded its Russian beer operations from consolidated financials, classifying them as a “financial investment” due to temporary external management.

Announcing the results in May, Anadolu Efes CEO Onur Altürk said: “Until we gain more clarity on the situation, the Russian operations will no longer be consolidated in our profit and loss statements.

“Our primary focus in Russia remains on navigating the current landscape with resilience, prioritising business continuity, and actively working to minimise potential disruptions.”

While not audited or aligned with group results, key metrics were shared for context.

The group's beer volumes in Russia rose 7.7% to 6.3 million hectolitres in the first quarter period, but net sales slipped 0.8% to Tl13.72bn ($345.7m) and gross profit dipped 1.2% to Tl5.91bn.

EBITDA (BNRI) margin for the region fell 8% to Tl1.96bn, while EBIT (BNRI) jumped 68.4% to Tl2.46bn. Net income dropped by 78.9% to Tl389.9m.