Russia: Minor shareholders oppose the BBH’s mergers
One more enterprise of Baltic Beverages Holding opposed the consolidation of the Russian brewery market, Kommersant released August 08.
Minor shareholders of Voronezhsky brewery filed a suit with the local court of arbitration demanding to forbid the merger with Yarpivo. Unknown shareholders of Baltika and Pikra, two other breweries of BBH, have recently taken similar steps. Now the holding will be hardly able to resist the pressure of its minor shareholders.
Two breweries, Yarpivo and Voronezhsky brewery, held annual general meetings this June 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 August 07 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 view the steps of minor shareholders as well-considered and coordinated. Baltic Beverages Holding found itself quite helpless before the corporate squeeze, and in case of Baltika it virtually admitted defeat and bought from Hartwall a 4-percent stake.
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