Heineken sold its interests in Russia for €1

By: Trademagazin Date: 2023. 08. 25. 11:56

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The Dutch brewing company Heineken, the world’s second largest beer company, has handed over all the shares of its Russian subsidiary to the Russian-based Arnest group for a symbolic 1 euro, the English-language Dutch news portal NL Times reported on Friday.

The sale caused a cumulative loss of at least 300 million euros (about HUF 115 billion) for the Amsterdam-based company.

“Heineken SA has sold its Russian operations to the Arnest group. The sale follows the acquisition of the necessary permits and completes Heineken’s withdrawal from Russia, which began last March”

– says the statement of the Dutch brewing company published on Friday.

“We have completed the withdrawal from Russia”

– said Dolf van den Brink, CEO of Heineken, in the announcement.

He said the sale of the Russian subsidiary was more complicated than expected, partly because of changing local legislation and because the company management wanted to prevent Heineken from falling into the wrong hands.