E-Malt.com News article: 3035

Russia: Russian financial giant Alfa Group intends to raise its stake in Sun Interbrew brewery despite plans by larger shareholders to boost control over the firm, an Alfa Group official said on July 29. Alfa Group, whose interests stretch from oil to banking and telecoms, bought 10.4 percent of voting shares in Sun Interbrew on July 13, Reuters revealed.

On July 27, Belgian brewing giant Interbrew and India's Sun Group, which own 34.25 percent of voting shares each, said they had agreed to buy more voting shares to increase their combined participation to 75.5 percent.

Analysts interpreted the decision as an effort to stave off Alfa's attempt to position itself as a third major shareholder in a company which works in one of Russia's fastest-growing industries. "We are not renouncing plans to increase our stake in Sun Interbrew," Igor Litvak, vice president of Alfa Eko, Alfa Group's investment and trading arm, told Reuters. "Such actions (by SUN Group and Interbrew) were predictable and will affect our plans in no way."

Sun Interbrew is Russia's second biggest brewer in Russia and the biggest one in Ukraine. Last year it produced 16.1 million hectolitres of its local Klinskoye and Tolstyak brands as well as Interbrew's Stella Artois and Becks.

Litvak declined to say whether Alfa Eko would buy the shares on the open market or offer a buyout deal to other shareholders. "We are considering all possibilities," he said.


31 July, 2004