Carlsberg, Heineken to Exit Russia as Brewers Pull Back
- Beermakers start to follow moves by oil, tobacco companies
- Dutch brewer expects $438 million charge related to sale
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Carlsberg A/S, the largest brewer in Russia, and rival Heineken NV plan to sell their local businesses and exit the country as brewers pull back after the invasion of Ukraine.
The Dutch brewer said Monday it doesn’t expect any profit from the sale. Carlsberg only hours later said it had taken “the difficult and immediate decision” to do the same and leave Russia, where it makes 13% of its revenue. The shares surged as much as 8.3%.