UK: Scottish & Newcastle and the Russian court dispute

Scottish & Newcastle tried on August 17, to head off a long Russian court dispute by ensuring shareholders that its ally, the Finnish Hartwall, has sold its share in Baltika. The brewer, according to The Herald, said its east European joint venture Baltic Beverages Holding had acquired a 4% stakeholding in Russian firm Baltika from Hartwall Capital.

BBH by now owns about 74.5% of Baltika. The firm is facing a court case in Russia brought by minority shareholders opposed to its plans to amalgamate the ownership of Russian breweries Baltika, Yarpivo, Vena and Pikra into one.

BBH released a letter to shareholders yesterday through the London Stock Exchange saying Hartwall had decided to sell its Baltika stake in order to avoid being dragged into a lengthy legal action.

The minority shareholders have accused S&N and Carlsberg of "highly questionable and unethical, if not unlawful, tactics". BBH has denied the allegations.
A court case is due to begin in Russia on August as disaffected minority shareholders attempt to block the deal which will see the largest BBH brewer Baltika buy out the others.

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