Carlsberg does not rent out Baltika – Kommersant FM
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Carlsberg accused the Russian authorities of stealing its business, we are talking about the Danish group’s share in the Baltika company. Earlier, the corporation presented a quarterly report and promised to protect its Russian assets. In July 2023, by presidential decree, Baltika was transferred to the temporary management of the Federal Property Management Agency. The Ministry of Finance responded to Carlsberg’s claims that this does not entail a change in the ownership structure. In turn, the Kremlin excludes the possibility for foreign companies to “freely exit” the Russian market. To achieve this, as the Financial Times writes, the authorities even increased pressure on Western businesses. The topic will be continued by Vladislav Viktorov.
Carlsberg delayed its exit from the Russian market for more than a year. The corporation found a buyer for Baltika only in June 2023, and, according to some estimates, the Danes could sell the asset for almost €2 billion. But in July, President Vladimir Putin, by decree, transferred it to the temporary management of the Federal Property Management Agency.
And if initially this decision shocked the company, then in the quarterly report the head of Carlsberg announced the theft of business by the Russian authorities. The company does not know what is happening with the asset, since interaction with temporary managers is very limited.
Carlsberg wrote off Baltika, which led to a loss of $1 billion, but the company is not ready to give it up. Although nothing can be done about this, noted Alexander Ermolenko, a partner at the Orlova\Ermolenko law firm: “Legal mechanisms, unfortunately, are divided by an invisible front line between Russia and the conditional West. Now, obviously, nothing will influence Moscow’s decision.
The only way international arbitrations can help Carlsberg is with prospects for the future: when everything calms down, the decisions they make will have to have some consequences.”
At the same time, Carlsberg is obviously not going to resolve the issue behind the scenes. In early October, the company banned Baltika from using international brands, including Tuborg, Holsten and Kronenbourg. Carlsberg called this a response to Vladimir Putin’s decree.
Now the new management of Baltika is trying to resolve the issue with trademarks through the courts. And without this, it will be difficult for the company to develop successfully, as well as without the possibility of interaction with foreign partners, even indirectly, experts admit.
Why then was it necessary to disrupt the sale of the asset? The head of the economics committee of the Moscow branch of Opora Rossii, Alexei Kanevsky, has some assumptions: “Usually, non-core companies that have little connection with the brewing industry in Russia, but have great administrative and financial potential, apply for this kind of assets.
In this sense, the contender for this business was some kind of traditional beer structure, but nevertheless the state is interested in maintaining this asset in its hands.”
The authorities are now directly saying that foreign businesses will not be able to easily leave the Russian market. The Kremlin said that companies are obliged to strictly comply with the requirements of the government commission. And the Financial Times claims that Moscow has also increased pressure on Western corporations that are leaving the country. In particular, they are obliged to sell assets only for rubles.
However, this is not surprising, explained Elena Dybova, vice-president of the Chamber of Commerce and Industry: “In conditions when it is increasingly said that Russian assets abroad will be used to restore Ukraine and so on, we can count on the fact that in the Russian Federation they will begin to fulfill All the rules that do not apply to the country are really difficult. A consolidated position, including that of domestic business, must be at least parity.”
At the same time, as a measure that should force foreign businesses to stay in Russia, this is unlikely to work, experts admit. They note that payments in rubles are needed by the authorities, including to support the exchange rate. Otherwise, the exit of foreign companies may be too costly.
Everything is clear with us – Telegram channel “Kommersant FM”.
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