Read news from:
Austria
SHARE
COPY LINK

CARLSBERG

Carlsberg’s breweries in Russia seized as new board put in place by Moscow

Danish brewer Carlsberg has lost control of its Russian business after authorities in Russia put new temporary management in place.

Published: 19 July 2023 13:27 CEST
Carlsberg’s breweries in Russia seized as new board put in place by Moscow
An employee works at a line bottling beer at Carlsberg brewery "Baltika-Pikra" in Krasnoyarsk, Russia, on January 10th, 2013. File photo: Ilya Naymushin/Reuters/Ritzau Scanpix

Carlsberg confirmed the development in a press statement on Wednesday.

“The change of leadership was conducted without Carlsberg Group’s knowledge or approval,” the company said.

The announcement comes after Russian president Vladimir Putin on Sunday signed a decree ordering authorities in the country to seize Carlsberg’s subsidiary company Baltika Breweries.

Carlsberg said Sunday that it was aware of the decree but had not received official confirmation from Moscow.

READ ALSO: Danish brewer Carlsberg posts loss after Russia exit

The Danish brewer had been in the process of selling its Russian arm Baltika, but the future of this sale is now uncertain.

Carlsberg has sought a buyer for its Russian operations since the invasion of Ukraine by Moscow in February last year.

Last month, it announced an agreement had been signed but did not confirm the identity of the buyer. It stated it wanted “approval processes to be completed as smoothly as possible”.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

BUSINESS

Maersk profits plummet as Yemeni attacks close off Red Sea route

Danish shipping giant Maersk posted a huge drop in net profit for the first quarter on Thursday as Yemeni rebel attacks are forcing it to avoid the vital Red Sea route.

Published: 2 May 2024 10:06 CEST
Maersk profits plummet as Yemeni attacks close off Red Sea route

Maersk reported a net profit of $177 million in the first three months of the year, a 13-fold drop from the same period last year. Turnover fell 13 percent to $12.4 billion, slightly lower than forecast by analysts surveyed by financial data firm FactSet.

The company, however, raised its outlook for the full year, citing higher demand and increased rates and costs due to the supply chain disruptions in the Red Sea.

It now expects an underlying core profit ranging between $4 billion and $6 billion, up from $1 billion-$6 billion previously.

“We had a positive start to the year with a first quarter developing precisely as we expected,” Maersk chief executive Vincent Clerc said in a statement.

“Demand is trending towards the higher end of our market growth guidance and conditions in the Red Sea remain entrenched,” he said.

“This not only supported a recovery in the first quarter compared to the previous quarter, but also provide an improved outlook for the coming quarters, as we now expect these conditions to stay with us for most of the year.”

Iran-backed Huthi rebels, who control the Yemeni capital Sanaa and much of the country’s Red Sea coast, have launched dozens of attacks on ships since November, claiming solidarity with Palestinians caught up in the Israel-Hamas war.

The United States in December announced a maritime security initiative to protect Red Sea shipping from the attacks, which have forced commercial vessels to divert from the route that normally carries 12 percent of global trade.

SHOW COMMENTS