FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
U.S. Stock Futures Rise Ahead of Holiday-Shortened Week as AI Optimism Lifts Tech 
Russia Stocks End Flat as Energy Shares Support MOEX Index 
Boeing Seeks FAA Emissions Waiver to Continue 777F Freighter Sales Amid Strong Cargo Demand 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
Dina Powell McCormick Resigns From Meta Board After Eight Months, May Take Advisory Role 
Roche CEO Warns US Drug Price Deals Could Raise Costs of New Medicines in Switzerland 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
New Zealand Business Confidence Hits 30-Year High as Economic Outlook Improves 
Japan Signals Possible Yen Intervention as Currency Weakens Despite BOJ Rate Hike 
Trump Signals Push for Lower Health Insurance Prices as ACA Premium Concerns Grow 
Trump Defends Economic Record in North Carolina as Midterm Election Pressure Mounts 
Heineken N.V. completed its exit from Russia after selling its business operations there for just $1. The Dutch brewing company announced its withdrawal from the country following the historic sale amounting to just a dollar.
The amount literally means that Heineken is simply leaving its business in Russia, with its buyer getting the operations almost for free. The company said on Friday, Aug. 25, that it already received all the required approvals it needs to sell its operations to the Russian packaging and consumer goods firm, Arnest Group.
The sale will complete Heineken’s pullout from the Russian market. This is happening more than a year after the brewery first started its withdrawal process in March 2022.
According to CNN Business, Dolf van den Brink, the chief executive officer of Heineken, said the recent developments just show the considerable challenges being faced by major companies when leaving Russia. In fact, the company said it is also bound to lose a total of $323 million or €300 million from its deal with the Arnest Group.
It was mentioned that when Moscow initiated a full-scale attack on Ukraine to invade it in February 2022, a number of global brands left the country with others announcing plans to do it a bit later. However, as time went by, the Russians made it increasingly hard for Western companies to sell their assets in the country. Today, the Kremlins are requiring the firms to pay a large fee to the government for such sales.
Meanwhile, Reuters reported that the sale deal has no option to buy back the business and include all of Heineken’s seven breweries and other assets. The best thing about the agreement is probably the fact that the Arnest Group guaranteed the employment of the brewery’s 1,800 employees for three years.
Heineken said in a statement. “While it took much longer than we had hoped, this transaction secures the livelihoods of our employees and allows us to exit the country in a responsible manner.”
The company's CEO added, "We are happy we found a suitable buyer. We believe it is a reliable party and we are happy this process has come to an end and be able to leave Russia.
Photo by: Stella de Smit/Unsplash
