Renaissance Capital upgraded its recommendation on Russia's top brewer Baltika from 'hold' to 'buy'.

The Investment bank yesterday (5 December) credited the rise to Batlika's commitment to consolidation of assets.

Baltika is controlled by Baltic Beverages Holding (BBH), a joint venture between Scottish & Newcastle and Carlsberg.

Rencap believes that the consolidation of BBH assets under Baltika has created a bigger, more economically efficient and better market-positioned company.