Just an FIY, Carlsberg has tried since day one to get rid of their Russian business. They were apparently close to finalising the deal before this happened. IMO Carlsberg should have pulled out after 2014 or even 2008 but as that didn’t happen they at least made an attempt to get out of Russia while pulling some of their investment with them so Russia couldn’t get their hands on it.
According to the article, they didn’t try very hard
“The expropriation of Carlsberg and Danone serves those two companies right for not having had a clean exit, as they should have back in 2022,” says Professor Jeffrey A Sonnenfeld from the Yale School of Management. “They stayed on too long. They were trying to be clever. Danone paid lip service to being critical of the war, but then stayed there with perhaps half its business. It claimed to only keep its dairy business in Russia, but what else does Danone do? It doesn’t do automobiles, clothing or jewellery. It is a dairy and yoghurt maker.
“Carlsberg was even more cynical than Danone, since it pledged to leave Russia early on into the invasion. It was a poster child of early-mover courage and conscience, but six months later it had nothing to show for it. After public criticism, it reconsidered again and was close to selling but was then expropriated by Putin.”
It claimed to only keep its dairy business in Russia, but what else does Danone do?
Their other two core businesses: Drinks (mainly water and beer) and all kinds of cookies. As well as bio, vegetarian and vegan food. Their dairy business was the one part they couldn’t move away as it was largely based on a joint venture with Russian Unimilk…
Just an FIY, Carlsberg has tried since day one to get rid of their Russian business. They were apparently close to finalising the deal before this happened. IMO Carlsberg should have pulled out after 2014 or even 2008 but as that didn’t happen they at least made an attempt to get out of Russia while pulling some of their investment with them so Russia couldn’t get their hands on it.
According to the article, they didn’t try very hard
Their other two core businesses: Drinks (mainly water and beer) and all kinds of cookies. As well as bio, vegetarian and vegan food. Their dairy business was the one part they couldn’t move away as it was largely based on a joint venture with Russian Unimilk…
Makes sense, thanks.
Dupe comment that won’t delete on Jerboa
No. They didnt
It actually took a while before they (carlsberg)started doing anything.
Because they had 2000 russian employees and didnt want them to be affected by thw war that they had nothing to do with.
Then, several montha of media pressure later, they said they would attempt to sell their russian business.