Russian Authorities Block AB InBev's Exit Deal with Anadolu Efes

Russian authorities have rejected AB InBev's deal to sell its stake in a joint venture to Anadolu Efes. The decision leaves AB InBev, the world's largest brewer, stuck in Russia despite earlier plans to exit following the Ukraine invasion. The companies are reviewing the decision.

Russian authorities have rejected Anheuser-Busch InBev's deal to sell its stake in a joint venture to Turkey's Anadolu Efes, the companies announced on Thursday.

AB InBev, the world's largest brewer, had planned to sell its interest to exit Russia after its invasion of Ukraine, requiring regulatory approval. Both companies announced that these approvals had not been granted. Anadolu Efes received the decision on Wednesday and promised to share updates.

AB InBev's statement mentioned both companies are reviewing the decision: "The business in Russia continues to operate under Anadolu Efes management." This marks another instance of companies struggling to exit Russia due to regulatory hurdles. AB InBev has already ceased Bud sales in Russia and forfeited financial gains from the venture.

AB InBev's shares were down 0.8% while Anadolu Efes' stock rose over 4% on the news.

(With inputs from agencies.)