Danish brewer Carlsberg is selling its Russian unit, Baltika Breweries, to local firm VG Invest for $322 million, following the lifting of state control by President Putin. The deal, which includes cash and shareholdings in Carlsberg Azerbaijan and Kazakhstan, comes after Carlsberg accused the Russian government of "stealing" its business. Carlsberg's CEO stated this outcome is the best possible given the circumstances, while analysts noted that companies that exited the Russian market early fared better.
European markets are set to open lower as traders await euro zone inflation data. Carlsberg reported a 0.9% revenue growth in Q3 2024, while AB InBev's revenue rose 2.1%, both falling short of expectations. Shell posted a stronger-than-expected profit despite a year-on-year drop, while Japan's central bank indicated potential rate hikes amid economic recovery. In China, the manufacturing PMI showed expansion for the first time since April, signaling improved economic conditions.
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