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RUSSIA: Baltika shareholder drops lawsuit

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A minority shareholder in Russian brewer Baltika has withdrawn its lawsuit against the company.

Russian company ElectroMir, which owns 50 shares in the brewer, had been seeking to annul the result of an EGM on 7 July.

The meeting was called to vote on Baltika's proposed purchase of a 70% stake in Pikra brewery for US$67m. Both breweries are owned by Carlsberg and Scottish & Newcastle's joint venture, Baltic Beverages Holding, and the purchase was to be part of the company's integration plans in Russia.

The vote, which had been recommended by Baltika's independent non-executive directors, was defeated at the EGM. ElectroMir had been seeking the annulment of the result claiming that another shareholder who had voted in favour of the purchase at the EGM, Hartwall Capital, was an affiliated party of S&N.

"The lawsuit contained no reference to any specific legal regulation or law that was allegedly violated by Baltika's board of directors," the head of Baltika's legal department, Anton Rogachevsky, said.

A spokesperson for Baltika told just-drinks: "Given that the resolution was defeated, we can only assume that ElectroMir had brought this lawsuit in the first place to create as much negative publicity for us as possible."

The court accepted the request and closed the case, Baltika said.


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