{"id":5340,"date":"2023-11-01T05:10:04","date_gmt":"2023-11-01T05:10:04","guid":{"rendered":"https:\/\/connectwithfund.com\/business\/carlsberg-says-moscow-stole-its-russian-business\/"},"modified":"2023-11-01T05:10:04","modified_gmt":"2023-11-01T05:10:04","slug":"carlsberg-says-moscow-stole-its-russian-business","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=5340","title":{"rendered":"Carlsberg says Moscow stole its Russian business"},"content":{"rendered":"<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7c6vr001k26p7hdkcgqlv@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      <strong>Copenhagen \u2014 <\/strong>Carlsberg\u00a0has cut all ties with its Russian business and refuses to enter a deal with Russia\u2019s government that would make Moscow\u2019s seizure of the assets look legitimate, the brewer\u2019s new CEO said Tuesday.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xf00083b6i8ngdjp4a@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      The Danish group had been trying<strong> <\/strong>since last year to sell its Baltika subsidiary in Russia, following in the footsteps of many other Western companies exiting the country<strong> <\/strong>since its invasion of Ukraine.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xg00093b6ixeqpqo2a@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      However, after Carlsberg announced<strong> <\/strong>in June that it had found a buyer\u00a0for the<strong> <\/strong>business, Russian President Vladimir Putin ordered\u00a0the temporary seizure of\u00a0Carlsberg\u2019s stake in the local brewer the following month.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xg000a3b6imtjlwf16@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      \u201cThere is no way around the fact that they have stolen our business in Russia, and we are not going to help them make that look legitimate,\u201d said Jacob Aarup-Andersen, who took over as CEO in September.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xg000b3b6ifdf7bloe@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Carlsberg\u00a0had eight breweries and about 8,400 employees in Russia, and took a 9.9 billion Danish crown ($1.41 billion) write-down on Baltika last year.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xg000c3b6itqzowga2@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Aarup-Andersen said that from the limited interactions with Baltika\u2019s management and Russian authorities since July,\u00a0Carlsberg\u00a0had not been able to find any acceptable solution to the situation.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xg000d3b6iq016zbiq@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      \u201cWe\u2019re not going to enter into a transaction with the Russian government that somehow justifies them taking over our business illegally,\u201d he said on a call with journalists following the company\u2019s quarterly earnings statement.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xg000e3b6irjiq4az7@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Earlier this month,\u00a0Carlsberg\u00a0retaliated by ending license agreements for its brands in Russia that have enabled Baltika to produce, market and sell all\u00a0Carlsberg\u00a0products in the country.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/cloe7e8xg000f3b6ip9v3641o@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      \u201cWhen these licenses run out with the grace period, they\u2019re not allowed to produce any of our products any more. Of course, I cannot guarantee that happens, but that is our expectation,\u201d said Aarup-Andersen.\n  <\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnn.com\/2023\/10\/31\/business\/carlsberg-russia-business-stolen\/index.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Copenhagen \u2014 Carlsberg\u00a0has cut all ties with its Russian business and refuses to enter a deal with Russia\u2019s government that would make Moscow\u2019s seizure of the assets look legitimate, the brewer\u2019s new CEO said Tuesday. The Danish group had been trying since last year to sell its Baltika subsidiary in Russia, following in the footsteps of many other Western companies exiting the country since its invasion of Ukraine. However, after Carlsberg announced in June that it had found a buyer\u00a0for the business, Russian President Vladimir Putin ordered\u00a0the temporary seizure of\u00a0Carlsberg\u2019s stake in the local brewer the following month. \u201cThere is<\/p>\n","protected":false},"author":1,"featured_media":5341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":["post-5340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Carlsberg says Moscow stole its Russian business | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Copenhagen \u2014 Carlsberg\u00a0has cut all ties with its Russian business and refuses to enter a deal with Russia\u2019s government that would make Moscow\u2019s 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