Belgian brewer Anheuser-Busch InBev is in discussions to sell its stake in a Russian joint venture to its Turkish partner in a transaction that could mean a $1.1bn hit for the world’s largest drinks group.
The maker of Budweiser, Stella Artois and Corona is seeking to sell its non-controlling interest in joint venture AB InBev Efes to Anadolu Efes, which global rating agency Fitch downgraded last month. Fitch cited a “challenging macroeconomic environment in the company’s two largest markets of Turkey and Russia as well as in Ukraine” as a reason for the downgrade.
As part of the deal, the Belgian brewer has asked that the sale of Budweiser, one of its best-known beer brands, be suspended in Russia, it said on Friday. The group said it would take a $1.1bn non-cash impairment charge as a result of the sale.