Companies sell their businesses in Russia
Adds HSBC, Danone, Hugo Boss, updates Yandex
Aug 6 (Reuters) -Some Western companies have sold their Russian assets or handed them over to local managers to comply with sanctions over the war in Ukraine and respond to threats from the Kremlin that it may seize foreign-owned assets.
Below are some companies that have sold their businesses in Russia, divided by sector:
AUTOS
Continental CONG.DE sold its Russian tyre plant to holding company S8 Capital in May 2023.
Renault RENA.PA sold its majority stake in Avtovaz AVAZI_p.MM to the Russian state in 2022, reportedly for only one rouble but with a six-year option to buy it back.
Volkswagen VOWG_p.DE completed the sale of its Kaluga production plant and local subsidiaries in May 2023.
BANKS & INSURERS
HSBC HSBA.L transferred ownership of its Russian unit to Expobank for an undisclosed fee, it said in May.
Societe Generale SOGN.PA sold its Rosbank business to Interros Capital in May 2022, taking a 3.1 billion euro ($3.4 billion) hit.
ENERGY
Shell SHEL.L sold its Russian retail and lubricants business to Lukoil LKOH.MM in 2022.
FOOD & BEVERAGES
Belgian brewer AB InBev ABI.BR agreed to sell its stake in joint venture AB InBev Efes in April 2022, taking a $1.1 billion impairment.
Danone DANO.PA completed the sale of its Essential Dairy and Plant-based business in Russia to Vamin R LLC in May, taking a hit of 1.2 billion euros.
Heineken HEIN.AS exited Russia after selling its operations there to Arnest Group for a symbolic one euro, it said in August 2023.
FORESTRY & PACKAGING
International Paper IP.N sold its 50% stake in a JV to Russian shareholders in September 2023. Britain's Mondi sold three packaging converting operations to Gotek Group for 1.6 billion roubles ($18.9 million) and agreed to sell its largest plant in Russia to Sezar Invest for 80 billion roubles.
Finnish packaging maker Huhtamaki HUH1V.HE last year sold its Russian operations for 151 million euros, while forestry firm Stora Enso STERV.HE sold its three corrugated packaging plants to local management.
RESTAURANTS & RETAIL
AmRest EATP.WA in May 2023 closed the sale of its KFC business in Russia to Smart Service for 100 million euros.
Gazprombank Group bought 14 MEGA shopping centres in Russia from a unit of IKEA operator Ingka Group for an undisclosed price, the companies said on September 2023.
Hugo Boss BOSSn.DE sold its Russian business to wholesale partner Stockmann for an undisclosed fee, it said on Aug. 5.
Moscow approved the sale of Zara owner Inditex's ITX.MC Russian business to a UAE-based buyer in April 2023.
LPP LPPP.WA sold its Russian business in June 2022 to a Chinese consortium and a former CEO of Russian company Re Trading. The price for the stores was $135.5 million, plus 1.2 billion zlotys ($303 million) for the inventory. LPP recorded a 600 million zloty loss on the sale, it said on March 18.
McDonald's MCD.N sold its business in Russia in 2022, taking a charge of $1.28 billion.
TOBACCO
British American Tobacco BATS.L said in September 2023 it would sell its Russian and Belarusian businesses for an undisclosed sum to a consortium led by its Russian management team.
Imperial Brands IMB.L transferred its Russian business to investors based in Russia in April 2022.
OTHER
EMBRACER EMBRACb.ST
The Swedish gaming company ceased operations in Russia with a deal to divest selected assets from its Saber Interactive subsidiary for $247 million, it said in March.
FORACO INTERNATIONAL FAR.TO
The French mineral driller said in March it had exited Russia with the sale of its shareholding in EDC Russia. The deal resulted in a marginal net profit for the company.
POLYMETAL INTERNATIONAL POLY.MM
The precious metals producer said in March it had completed the sale of its Russian business to a Siberian gold miner in a $3.69 billion deal, including the business's $2.21 billion net debt.
VEON VON.AS
The telecoms operator completed its exit from Russia with the sale of Vimpelcom to senior members of the local management team, it said in October 2023.
WIENERBERGER WBSV.VI
The Austrian brickmaker exited the Russian market after selling its factories in the Vladimir and Tatarstan regions, business daily RBC reported in March, citing the company and Russian corporate filings.
XEROX HOLDINGS XRX.O
Printer maker Xerox Holdings said on in October 2023 it had sold its operations in Russia to local management for an undisclosed sum.
YANDEX NV YNDX.O
Yandex, a Dutch-registered firm that operates an internet search engine, completed its split in July, with a Russian consortium of investors buying the bulk of its businesses in a deal worth around $5.4 billion.
($1 = 0.9164 euros)
($1 = 84.9000 roubles)
($1 = 3.9586 zlotys)
FACTBOX-Moscow takes control over assets of Western companies nL8N39D6O7
Compiled by Augustin Turpin, Agnieszka Gosciak, Matteo Allievi, Tristan Veyet, Paolo Laudani and Victor Goury-Laffont in Gdansk; editing by Emelia Sithole-Matarise and Milla Nissi
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