A move from Putin showing he has declared Turkey an adversary: He appointed a trustee to a Turkish company
Russian President Putin has temporarily transferred the management of the beer production company AB InBev Efes BV to an entity named "GK Vmeste."
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Putin has appointed a trustee to Anadolu Efes's company in Russia. This situation caused Anadolu Efes shares to fall by 10 percent. AB InBev Efes operates as one of the country's 3 largest beer producers, with 11 breweries and 3 malt production facilities in Russia.
The company was established in 2018 as a joint venture between the Turkish firm Anadolu Efes and the Belgian firm AB InBev. However, this decision has brought this last major actor in the Russian beer sector, which has long been under foreign capital control, under local supervision.
REJECTION FOR ANADOLU EFES
According to a report by TürkRus, the Turkish partner Anadolu Efes had made various attempts to purchase its Belgian partner's shares since late 2023. However, the government commission refused to approve the proposed acquisition structure during the summer months.
Towards the end of 2024, a new agreement was reached between the Turkish and Belgian partners. According to this agreement, Anadolu Efes would acquire AB InBev's shares in Russia, while AB InBev would take over Anadolu Efes's shares in Ukraine.
RUSSIA INCREASES CONTROL
In 2023, AB InBev Efes's revenues increased by 11.4 percent to reach 108.6 billion rubles, and net profit rose to 16.7 billion rubles. The company's breweries produced a total of 23.2 million hectoliters of beer and 527.7 thousand hectoliters of kvass, cider, and water in 2023. However, this takeover marks a new era in terms of Russia gaining more control over local beer production.
"PUTIN HAS DECLARED TURKEY AN ADVERSARY"
Economist Gökhan Uskuay made a striking assessment on his social media account following this move by the Russian President, stating, "If Putin has appointed a trustee to #AEFES shares, he has declared Turkey an adversary."
Noting that Russia needs to clarify this issue, Uskuay said, "Russia must provide political clarity on this matter. Otherwise, the assets of Turkish companies will face a similar risk."
Uskuay included the following statements in his post:
"If Putin has appointed a trustee to #AEFES shares, he has declared Turkey an adversary.
Russia must provide political clarity on this matter. Otherwise, the assets of Turkish companies will face a similar risk."