Putin returns Baltika to Carlsberg, company shares rise – Bloomberg

Stock photo: the official website of carlsberg group

Carlsberg shares have gained 3.9% after Kremlin leader Vladimir Putin signed a decree removing government control over the brewing company’s Russian operations.

Source: Bloomberg

Details: The Kremlin removed Baltika Breweries from the list of assets under interim administration, returning its ownership to Carlsberg.

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Despite this rise, Carlsberg shares are down more than 10% since the beginning of the year.

The corporation acknowledged that it is aware of the Russian authorities’ statement and is evaluating the situation.

Background: 

• Previously, Kremlin leader Vladimir Putin handed foreigners’ shares in Baltika and a Danone subsidiary to the control of the Federal Property Control Agency; previously, the firms had announced the sale of their assets in the Russian Federation.
• Carlsberg, a Danish beer producer, was “shocked” by the Russian authorities’ decision to withdraw its Russian assets, the Baltika plants: the business had no idea what would happen next.
• Carlsberg Group said that it was removing Baltika’s licenses, which allowed it to produce and sell its goods.

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