(Bloomberg) -- Carlsberg A/S shares rose after Russian President Vladimir Putin signed a decree ending government control of the brewer’s Russian business.
Shares in the Danish brewer increased as much as 3.9% after the Kremlin excluded Baltika Breweries from the list of assets under Russia’s temporary management, handing back ownership to Carlsberg. The company’s shares remain down more than 10% since the beginning of the year.
Carlsberg said it was aware of the announcement from the Russian authorities and was assessing the situation.
Russia seized control of Baltika in July 2023, after Carlsberg announced it had struck a deal to sell the assets. The company then terminated all license agreements to sell its beer brands in Russia.
Last month, Russia unexpectedly dropped a criminal investigation into Baltika’s Chief Executive Officer, Denis Sherstennikov, who had been detained after the unit was taken into government control.
It is not yet known what the Kremlin’s latest move means for Baltika. In March this year, the government agreed to sell Danone SA’s Russian unit — which had also been seized in 2023 — to a local investor.
--With assistance from Yuliya Fedorinova.
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