Mega-brewer AB InBev exits Russia at $1.1 bln cost

STORY: The world’s largest brewer is saying goodbye to Russia.

AB InBev says it will sell its stake in a joint venture there.

It’s in talks to sell the holding to Turkish partner Anadolu Efes.

The move is likely to cost it a $1.1 billion impairment charge.

AB InBev had already suspended sales of its Budweiser brand in Russia.

It had also said it would forfeit any financial benefit from its joint venture there.

That operation employs 3,500 people at 11 breweries.

It also has 1,800 staff at three breweries in Ukraine.

Now the exit comes after similar moves by rivals like Carlsberg and Heineken.

Meanwhile, AB InBev says it has introduced Ukraine’s top beer brand to new countries including the UK, France and Germany.

It says all profits from sales of the Chernigivske brew will go to support humanitarian relief efforts.

AB InBev shares were down around 2.5% in early trades Friday (April 22).

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