Nemiroff sale hits stumbling block

Nemiroff sale hits stumbling block

The sale of Nemiroff appears to have reached an impasse after the company's two leading shareholders said that they have withdrawn from talks to offload the vodka business.

Shareholders accounting for 75% of Nemiroff Holding, including Yakov Grybov, the Anatoliy brothers and Viktro Kipishi, told Ukrainian journalists last week that they have "withdrawn from talks on the company's sale". A sale is unlikely to take place for at least two or three years, they were quoted as saying.

However, when contacted by just-drinks, Nemiroff's president and only other shareholder, Alexander Glus, said that the company is still on the market. "The company is still for sale as there is no document that says that company is not for sale anymore," he said.

But, he added: "I was against the decision to sell the company."

That said, a sale might still be possible, even without Glus' endorsement. "One of the main demands of potential investors was that one of the shareholder kept his share in the company," he said.

Several companies have eyed Nemiroff since the company put itself up for sale at the start of 2010. Talks with both Stock Spirits and Central European Distribution Corp broke down, leaving Russian Standard as the sole remaining bidder.

In January, Russian Standard founder Roustam Tariko said he was optimistic about buying Nemiroff, which reported a 13.6% rise in net sales for 2010.