Baltic Beverages Holding (BBH) has received another complaint about its planned Russian integration moves, according to press reports. The Financial Times said today (14 October) that EnergoCapital, a minority shareholder in Voronezh - a brewery that merged with the Yarpivo brewery earlier this year - intends to pursue legal action to "invalidate" its merger, unless BBH's board took certain measures.

The shareholder has deemed the terms of the merger unfair, the paper said, and has called on BBH to halt the move. EnergoCapital has also demanded that BBH appoint an independent appraiser to review the merger and open negotiations with minority shareholders to determine "a fair value" for their shares.

BBH, a joint venture between Scottish & Newcastle and Carlsberg, has run into opposition as it attempts to merge all its Russian operations - consisting of Baltika, Pikra, Vena and Yarpivo breweries - into Baltika. A range of minority shareholders have voiced concerns that Baltika would be saddled with debt for buying BBH's stakes in the other breweries. At the same time, minority shareholders in the other breweries have been worried that they would not receive satisfactory payments for their stakes.