Sun Interbrew has sold 99% of Bavaria to the brewery's management. Financial details about the sale of the St Petersburg-based brewery were not disclosed.

Speaking to Dow Jones, Alexei Krivoshapko, analyst at investment bank United Financial Group, said that the sale was a good move on Sun Interbrew's part. "Bavaria is a brewery with no national brands, with a small share on the local market in the cheap beer segment and old equipment - so it was not very valuable," he told the news agency.

Bavaria will continue to produce some of Sun Interbrew's brands under license as well as its own brand Bavaria.

In a comment to Dow Jones, Sun Interbrew's chief executive Joseph Strella said that the sale of Bavaria did not signal a change in its strategy of increasing production capacity. "We keep an eye on all acquisition opportunities. If an acquisition looks attractive and the place is right, we will make a decision," Strella said.