Carlsberg, the brewing giant whose presence in Russia transformed that country’s beverage market, has left. What remains is the lingering residue of a boozy party that peaked too soon, ended in a brawl and left many questions dangling.
As it heads for the exit of Russia’s brutal, wartime asset reallocation process, Carlsberg – a flagship Danish company – takes with it something close to $322 million. This is the price reportedly struck for the sale of Carlsberg’s presence in Russia to a company called VG Invest that, according to the Financial Times, looks like a management buy-out.
It is not certain precisely how much cash Carlsberg will take home as it surrenders Baltika Breweries, Russia’s market leader. Departing western companies are typically entitled to 50 per cent of their enterprise’s value, as established by a state-appointed audit. Leavers also must pay a 15 per cent levy to the Russian government upon exit. The details of these payments and their amounts remain unclear.
Russia, remember, has only one famous beverage: vodka
Perversely, the deal will come as some relief.
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