Turkish Brewer Anadolu Efes Extends Slump After Russia JV Decree
- Firm’s shares set for biggest two-day plunge in 23 year
- Russia handed control of JV with AB Inbev to local group
An AB InBev Efes brewery in Russia.
Photographer: Alexandr Kryazhev/SPTNKThis article is for subscribers only.
The shares of Turkish brewer Anadolu Efes were set for their biggest two-day loss since 2001 after Russia’s President Vladimir Putin handed management of the firm’s joint venture with Anheuser-Busch InBev to a local company.
Anadolu Efes fell 10% on Tuesday, extending its slump since Monday’s publication of the decree to 19%. Parent AG Anadolu Grubu Holdings AS’s shares and sister-company Coca-Cola Icecek AS also respectively declined as much as 10% and 7.6% in Istanbul.