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RUSSIA: Efes Breweries International buys stake in brewer

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Efes Breweries International is to acquire a further 6.7% stake in its Russian subsidiary Krasny Vostok Brewing Group for US$30m.

Efes said today (13 August) that it will acquire the stake from Tradex Partner Ltd via another subsidiary in Russia, Moscow Efes Brewery.  

The group will pay between $30m and $30.5m, with the purchase funded by internal cash resources.

The move means Moscow Efes Brewery will increase its ownership of Krasny Vostok to 99.55%.

Efes, itself a subsidiary of Turkey-based drinks group Anadolu Efes, retained an option to purchase the 6.7% when it acquired control of Krasny Vostok in 2006. The option was due to expire in February 2010.

Last month, Anadolu Efes said it planned to buy out all shares it does not already own in Efes Breweries International.


Sectors: Beer & cider

Companies: Anadolu Efes

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