Moscow takes control of the Russian subsidiary of Danone and Carlsberg’s stake in the brewery

MOSCOW, July 16 (Reuters) – The Russian state has taken control of French yogurt maker Danone’s ( DANO.PA ) Russian subsidiary along with beer company Carlsberg’s ( CARLb.CO ) stake in a local brewery, according to a decree signed by President Vladimir Putin on Sunday.

The decree said foreign-owned stakes in Danone Russia and Baltika Breweries were placed under “temporary management” by the state real estate agency Rosimushchestvo.

It comes after the Russian subsidiaries of Germany’s Uniper (UN01.DE) and Finland’s Fortum (FORTUM.HE) were taken under state control in April.

The Kremlin warned at the time that it could seize more Western assets on what it said was a temporary basis in retaliation for foreign moves against Russian companies abroad after Moscow sent thousands of its troops into Ukraine last year.

Carlsberg said in a statement late on Sunday that it had “not received any official information from the Russian authorities regarding the presidential decree or the consequences for Baltika Breweries”.

It added that the prospect of a full divestment of the business in Russia was now very uncertain. Carlsberg said in June it had signed an agreement to sell its Russian operations, subject to regulatory approvals.

Danone said in a statement that it was looking into the matter, adding that the Kremlin’s decision would have no impact on its financial guidance for 2023.

The French company said last October it was seeking a buyer for its dairy food business in Russia, in a deal that could lead to a write-down of up to 1 billion euros ($1.12 billion).

($1 = 1.1227 euros)

Reporting by Caleb Davis and Darya Korsunskaya; Additional reporting by Louise Breusch Rasmussen in Copenhagen and Lavanya Sushil Ahire in Bengaluru; Editing by Andrew Osborn and Emelia Sithole-Matarise

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