The world's largest beer maker Anheuser-Bussh InBev (AB InBev) and the Turkish Anadolu Efes (Efes) may join forces on the Russian market. At least such a scenario, analysts do not rule out the largest investment banks, which spoke of "Vedomosti".
One of the employees of the brewing company operating in the Russian market, heard about a possible merger.
After a historic deal to buy AB InBev a British competitor - SABMiller for $ 106 billion, it intends to retain 24% Efes, which SABMiller received after merging into 2011 in exchange for its assets, including in the Russian market, said CEO and president Efes Robin Guchi at a teleconference with analysts on the results of the third quarter. "Of course, we plan to discuss with them, as a partner, any existing opportunities that could increase the growth of the cost of [the business], and I believe such a conversation could take place in the coming months," Guchi said. So AB InBev, he said, will continue to be a partner and shareholder of the Turkish company.
Since AB InBev and Efes are direct competitors in the Russian market, one of the opportunities for partnership between the two companies may be the merger of their businesses in the region, Credit Suisse analyst Sandjul Auzla assumes. The merger of AB InBev and Efes in the Russian market, which decreased by 2009% from 35, is strategically sound, Aujla believes: Efes' work is concentrated in large cities, for example in Moscow, so the potential transaction will allow AB InBev, with its portfolio of premium brands, to strengthen its Position. As a result, the "confident" number two will appear on the Russian beer market (see chart), which will seriously compete with the leader - the Danish Carlsberg (in Russia it owns Baltika) and will become the largest in the premium segment.
Audzhla gives two possible scenarios combining the Russian assets of companies: immediate purchase Efes company or sale of the Russian business AB AB InBev InBev Russian assets to Turkish partner c increase in exchange of its stake in the company.
Another analyst of the top-10 the world's largest investment banks to communicate with the staff of both breweries, said that they really consider the option of combining assets in Russia. And AB InBev, Efes and it would be into the hands of such cooperation - the merger will allow them to improve financial performance and compete with Carlsberg, the source "Vedomosti" explains. According to him, the merger could take place in 2017, and have not ruled out that the companies will combine their assets in other CIS markets.
The possibility of merging the two competing companies is always there, says a senior analyst at Tacirler Investment, Ese Mandasi. The share of InBev in real terms on the Russian market decreased by 2012% from 2,6, Efes - by 2%; in the first nine months of 2016, they occupy 13 and 14%, respectively, reminds Melis Pocar of Oyak Securities. Thus, in her opinion, the strategic cooperation between the two companies could be a reasonable step, provided that this process is well managed in such a difficult year for the industry, when it feels the effect of the ban on the use of plastic packaging over 1,5 l.
Moreover, there are no questions from the antitrust authorities regarding the merger of AB InBev and Efes in Russia, if it does take place, adds Mandasi.
Representatives of AB InBev and Efes to requests not answered; representatives of the Russian divisions of both companies to comment on the merits refused.
See also ... 15 / 11 / 2013 Anadolu Efes did not hold out in Moscow27 / 11 / 2013 Saltuk Ertop (“Anadolu Efes”) 22 / 08 / 2013 Economy presses on beer buys European beer brands13 / 01 / 2016 AB InBev launched the merger with SABMiller20 / 04 / 2016 Anheuser-Busсh InBev swallowed SABMiller12 / 11 / 2015 AB InBev reviewed the price for XXUMN 11% 10 / 2016 / 27 AB InBev sales in Russia fell by 07% 2016 / 27 / 02 AB InBev will sell Peroni and Grolsch for the sake of SABMiller2014 / 2013 / 13,6 Beer roaming around the regions 05 11NN / XNNXBNev deal with SABMiller in oktyabre2014 / 20 / 13 US Justice Department approved the "beer" purchase AB InBev 04 / 2016 / 11 SABMiller has rejected a proposal to merge with AB InBev