The Russian state has taken control of French yoghurt maker Danone’s Russian subsidiary along with beer company Carlsberg’s stake in a local brewer, according to a decree signed by President Vladimir Putin on Sunday.
The decree said that foreign-owned stakes in Danone Russia and Baltika Breweries were being put under the “temporary management” of government property agency Rosimushchestvo.
The move comes after the Russian subsidiaries of Germany’s Uniper and Finland’s Fortum were taken under state control in April.
The Kremlin warned at the time it could seize more Western assets on what it said was a temporary basis in retaliation for foreign moves against Russian companies abroad.
Danone said last October it was seeking a buyer for its dairy food business in Russia, in a deal that could lead to a write-off of up to 1 billion euros ($1.12 billion).
The decree published on Sunday also said that Danish brewer Carlsberg’s stake in Russian-based Baltika Breweries had been put under state management.
Carlsberg said in June it had signed an agreement to sell its Russian business, subject to regulatory approvals.
Danone and Carlsberg were not immediately available for comment.
($1 = 1.1227 euros)
(Source: Reuters)
