Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1). This comes after the company was criticised for continuing sales in Russia more than a year after its invasion of Ukraine.&nbsp;

<h2>Why buying a bottle of beer is more expensive than buying Heineken’s Russia business?</h2>

The world’s second-largest brewer had first announced its intention to leave Moscow in March 2022, a month after the Russian invasion of Ukraine and recently also acknowledged that the process took longer than expected.&nbsp;

In a statement, Heineken CEO Dolf van den Brink said, “Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.”&nbsp;

He added, “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.”&nbsp;

Heineken is expected to incur a total loss of $323 million (300 million euros) from the deal and&nbsp;selling its operations to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods and metal packaging for one euro ($1).&nbsp;

However, the Dutch brewer has said that the transaction would have a negligible impact on its full-year outlook.

As the multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow amid its war with Ukraine, the Kremlin has retaliated by seizing some assets from these businesses.&nbsp;

This comes a month after Russian President Vladimir Putin signed a decree, last month, to take control of French yoghurt maker Danone’s Russian subsidiary along with beer company Carlsberg’s stake in a local brewer, reported Reuters.&nbsp;

<h2>Heineken’s long exit from Russia</h2>

Van den Brink told reporters that while he would not like to go into the details about why the search for a buyer took longer than expected and called the process “highly complex”.&nbsp;

He added, “We are happy we found a suitable buyer. We believe it is a reliable party...We are happy this process comes to an end and to be able to leave Russia.”

Meanwhile, Arnest Group has provided all 1,800 of Heineken’s employees across seven breweries in Russia with employment guarantees for the next three years as part of the deal.&nbsp;

The Dutch beer maker also said that it removed its Heineken brand from Russia last year while its production of Amstel is to be phased out within six months, adding no other international brands would be licensed in Russia.

“We have now completed our exit from Russia,” said van den Brink. He also said that the deal also has no option to buy the business back.&nbsp;

(With inputs from agencies)&nbsp; 
 
&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1).

Heineken, the Dutch brewer, on Friday (August 25) said that it has completed its exit from Russia by selling its operations to Russia’s Arnest Group for a symbolic one euro ($1). This comes after the company was criticised for continuing sales in Russia more than a year after its invasion of Ukraine. Why buying a bottle of beer is more expensive than buying Heineken’s Russia business? The world’s second-largest brewer had first announced its intention to leave Moscow in March 2022, a month after the Russian invasion of Ukraine and recently also acknowledged that the process took longer than expected. In a statement, Heineken CEO Dolf van den Brink said, “Recent developments demonstrate the significant challenges faced by large manufacturing companies in exiting Russia.” He added, “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.” Heineken is expected to incur a total loss of $323 million (300 million euros) from the deal and selling its operations to the Arnest Group, the largest Russian manufacturer of cosmetics, household goods and metal packaging for one euro ($1). However, the Dutch brewer has said that the transaction would have a negligible impact on its full-year outlook. As the multinational companies flocked to leave Russia after the West imposed unprecedented sanctions on Moscow amid its war with Ukraine, the Kremlin has retaliated by seizing some assets from these businesses. This comes a month after Russian President Vladimir Putin signed a decree, last month, to take control of French yoghurt maker Danone’s Russian subsidiary along with beer company Carlsberg’s stake in a local brewer, reported Reuters. Heineken’s long exit from Russia Van den Brink told reporters that while he would not like to go into the details about why the search for a buyer took longer than expected and called the process “highly complex”. He added, “We are happy we found a suitable buyer. We believe it is a reliable party...We are happy this process comes to an end and to be able to leave Russia.” Meanwhile, Arnest Group has provided all 1,800 of Heineken’s employees across seven breweries in Russia with employment guarantees for the next three years as part of the deal. The Dutch beer maker also said that it removed its Heineken brand from Russia last year while its production of Amstel is to be phased out within six months, adding no other international brands would be licensed in Russia. “We have now completed our exit from Russia,” said van den Brink. He also said that the deal also has no option to buy the business back. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Dutch brewer Heineken finally exits Russia after selling business for symbolic one euro

Microsoft's co-founder Bill Gates has bought a 3.76 per cent stake in Dutch brewing giant Heineken. The filing by Netherlands' Financial Markets Authority (AFM) said that the shares were purchased on February 17, a report by the news agency Reuters on Wednesday (February 22) said. Heineken Holding owns a controlling stake in brewer Heineken NV. Bill Gates, who is also a philanthropist, purchased the shares from Mexico's FEMSA, which is selling out of the brewing company.&nbsp;

A separate filing on February 17 showed FEMSA selling all 18 million shares which it held in Heineken Holding, the report added. Gates purchased 10.8 million shares worth $939.87 million (883 million euros) at current market prices, triggering a disclosure requirement under the stock market rules of the Netherlands.&nbsp;

ALSO WATCH |&nbsp;Bill Gates buys 3.76% stake in Dutch drinks giant Heineken

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-bill-gates-buys-376-stake-in-dutch-drinks-giant-heineken-world-business-watch-565000/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

The Microsoft co-founder bought the Heineken stake despite saying in 2018 that he was not a big beer drinker. During an Ask Me Anything (AMA) session on Reddit, Gates said, "When I end up at something like a baseball game I drink light beer to get with the vibe of all the other beer drinkers. Sorry to disappoint real beer drinkers."

Previously, The Bill &amp; Melinda Gates Foundation- the charitable foundation launched by Bill Gates and his former wife Melinda- invested in Dutch online grocer Picnic BV and also holds a 1.34 per cent stake in Dutch fertiliser producer OCI NV, the news agency Bloomberg reported.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Microsoft's co-founder Bill Gates has bought a 3.76 per cent stake in Dutch brewing giant Heineken. The filing by Netherlands' Financial Markets Authority (AFM) said that the shares were purchased on February 17, a report by the news agency Reuters on Wednesday (February 22) said.

Microsoft's co-founder Bill Gates has bought a 3.76 per cent stake in Dutch brewing giant Heineken. The filing by Netherlands' Financial Markets Authority (AFM) said that the shares were purchased on February 17, a report by the news agency Reuters on Wednesday (February 22) said. Heineken Holding owns a controlling stake in brewer Heineken NV. Bill Gates, who is also a philanthropist, purchased the shares from Mexico's FEMSA, which is selling out of the brewing company. A separate filing on February 17 showed FEMSA selling all 18 million shares which it held in Heineken Holding, the report added. Gates purchased 10.8 million shares worth $939.87 million (883 million euros) at current market prices, triggering a disclosure requirement under the stock market rules of the Netherlands. ALSO WATCH | Bill Gates buys 3.76% stake in Dutch drinks giant Heineken × The Microsoft co-founder bought the Heineken stake despite saying in 2018 that he was not a big beer drinker. During an Ask Me Anything (AMA) session on Reddit, Gates said, "When I end up at something like a baseball game I drink light beer to get with the vibe of all the other beer drinkers. Sorry to disappoint real beer drinkers." Previously, The Bill & Melinda Gates Foundation- the charitable foundation launched by Bill Gates and his former wife Melinda- invested in Dutch online grocer Picnic BV and also holds a 1.34 per cent stake in Dutch fertiliser producer OCI NV, the news agency Bloomberg reported. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bill Gates buys 3.76% stake in Dutch brewing giant Heineken

Billionaire Bill Gates is not a beer fan or even a big beer drinker, he has said earlier, but he found value in buying share of such companies. Bill Gates has now bought over 3.7% stake in the Dutch drinks giant, Heineken.

U.S.: Bill Gates buys 3.76% stake in Dutch drinks giant Heineken | World Business Watch

Dutch brewer&nbsp;Heineken&nbsp;on Monday joined the foreign business exodus from&nbsp;Russia&nbsp;over the&nbsp;war&nbsp;in&nbsp;Ukraine, saying it was "deeply saddened" to see the conflict intensify.

The beer company, which employs 1,800 people in&nbsp;Russia, had already halted the sale and production of its&nbsp;Heineken&nbsp;brand in&nbsp;Russia, and suspended new investments and exports to the country earlier this month.

Hundreds of Western firms have closed shops and offices in&nbsp;Russia&nbsp;since the&nbsp;war&nbsp;started, a list that includes famous names such as Ikea, Coca-Cola, Goldman Sachs and MacDonald's.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-seizes-premium-swiss-watches-amid-sanctions-report-466418">Russia seizes premium Swiss watches amid sanctions: Report</a>

"We are shocked and deeply saddened to watch the&nbsp;war&nbsp;in&nbsp;Ukraine&nbsp;continue to unfold and intensify,"&nbsp;Heineken&nbsp;said in a statement.

"Following the previously announced strategic review of our operations, we have concluded that&nbsp;Heineken's ownership of the business in&nbsp;Russia&nbsp;is no longer sustainable nor viable in the current environment," the statement said.

"As a result, we have decided to leave&nbsp;Russia."

Heineken&nbsp;said it would aim for an "orderly transfer" of its business to a new owner in compliance with international and local laws and would not take any profit from the transaction, which will cost the company 400 million euros ($438 million) in exceptional charges.

Heineken&nbsp;is the third-biggest brewer in&nbsp;Russia, where it makes the Zhigulevskoe and Oxota brands for the local market

Guaranteeing salaries&nbsp;

The company said it would continue on reduced operations during a transition period to reduce the risk of nationalisation and "ensure the ongoing safety and wellbeing of our employees".

"In all circumstances we guarantee the salaries of our 1,800 employees will be paid to the end of 2022 and will do our utmost to safeguard their future employment."

Upon completion of the transfer&nbsp;Heineken&nbsp;will no longer have a presence in&nbsp;Russia.

The country has been hit by an onslaught of economic sanctions but foreign companies have also faced public pressure, and calls from the Ukrainian government, to leave&nbsp;Russia.

Also read |&nbsp;<a href="https://www.wionews.com/world/chinas-sinopec-suspends-talks-with-russian-companies-amid-sanctions-row-466372">China's Sinopec suspends talks with Russian companies amid sanctions row</a>

Some companies have remained in&nbsp;Russia, citing concerns about the fate of their employees or depriving ordinary Russians of vital goods.

Ukrainian President Volodymyr Zelensky used an address to France's parliament last week to call on French companies still working in&nbsp;Russia&nbsp;to "stop sponsoring" aggression against his country.

Car giant Renault subsequently announced an immediate suspension of operations at its Moscow factory.

But the chief executive of French retail giant Auchan, Yves Claude, defended the company's decision to remain in&nbsp;Russia, citing the need to keep staff employed.

Ukraine&nbsp;called for a global boycott of Auchan.

Watch |&nbsp;Gravitas Plus: The story of Ukraine's President Volodymyr Zelensky

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-plus-the-story-of-ukraines-president-volodymyr-zelensky-466054/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Dutch brewer Heineken on Monday joined the foreign business exodus from Russia over the war in Ukraine, saying it was "deeply saddened" to see the conflict intensify.

Dutch brewer Heineken on Monday joined the foreign business exodus from Russia over the war in Ukraine, saying it was "deeply saddened" to see the conflict intensify. The beer company, which employs 1,800 people in Russia, had already halted the sale and production of its Heineken brand in Russia, and suspended new investments and exports to the country earlier this month. Hundreds of Western firms have closed shops and offices in Russia since the war started, a list that includes famous names such as Ikea, Coca-Cola, Goldman Sachs and MacDonald's. Also read | Russia seizes premium Swiss watches amid sanctions: Report "We are shocked and deeply saddened to watch the war in Ukraine continue to unfold and intensify," Heineken said in a statement. "Following the previously announced strategic review of our operations, we have concluded that Heineken's ownership of the business in Russia is no longer sustainable nor viable in the current environment," the statement said. "As a result, we have decided to leave Russia." Heineken said it would aim for an "orderly transfer" of its business to a new owner in compliance with international and local laws and would not take any profit from the transaction, which will cost the company 400 million euros ($438 million) in exceptional charges. Heineken is the third-biggest brewer in Russia, where it makes the Zhigulevskoe and Oxota brands for the local market Guaranteeing salaries The company said it would continue on reduced operations during a transition period to reduce the risk of nationalisation and "ensure the ongoing safety and wellbeing of our employees". "In all circumstances we guarantee the salaries of our 1,800 employees will be paid to the end of 2022 and will do our utmost to safeguard their future employment." Upon completion of the transfer Heineken will no longer have a presence in Russia. The country has been hit by an onslaught of economic sanctions but foreign companies have also faced public pressure, and calls from the Ukrainian government, to leave Russia. Also read | China's Sinopec suspends talks with Russian companies amid sanctions row Some companies have remained in Russia, citing concerns about the fate of their employees or depriving ordinary Russians of vital goods. Ukrainian President Volodymyr Zelensky used an address to France's parliament last week to call on French companies still working in Russia to "stop sponsoring" aggression against his country. Car giant Renault subsequently announced an immediate suspension of operations at its Moscow factory. But the chief executive of French retail giant Auchan, Yves Claude, defended the company's decision to remain in Russia, citing the need to keep staff employed. Ukraine called for a global boycott of Auchan. Watch | Gravitas Plus: The story of Ukraine's President Volodymyr Zelensky

Heineken exits Russia in wake of Ukraine war

Dutch brewer&nbsp;Heineken, Danish beer-maker&nbsp;Carlsberg, and&nbsp;Universal&nbsp;Music&nbsp;Group are some of the latest Western firms to halt operations in&nbsp;Russia&nbsp;over Moscow's war in Ukraine.

On Thursday, Japanese gaming giants PlayStation and Nintendo announced they would suspend shipments to&nbsp;Russia&nbsp;too, joining the hundreds of multinationals who have taken action.&nbsp;

Heineken, the world's second-biggest beer company, said Wednesday it was stopping the production, advertising and sale of its namesake brand in&nbsp;Russia&nbsp;"in response to the continued escalation of the war".

Heineken&nbsp;had already suspended new investments and exports to&nbsp;Russia&nbsp;last week.

Also read |&nbsp;<a href="https://www.wionews.com/world/in-a-heart-warming-gesture-polish-citizens-leave-essentials-at-border-for-ukrainian-refugees-460778">In a heart-warming gesture, Polish citizens leave essentials at border for Ukrainian refugees</a>

"We are shocked and saddened to watch the tragedy in Ukraine unfold,"&nbsp;Heineken&nbsp;chief executive Dolf van den Brink said in a statement.

"The Russian government's war against Ukraine is an unprovoked and completely unjustified attack," he added.

Heineken&nbsp;employs 1,800 people in&nbsp;Russia&nbsp;and says it is the third-biggest brewer in the country, where it makes the Zhigulevskoe and Oxota brands for the local market.

The brewer said it would take "immediate steps to ring-fence" its Russian business from the rest of its global operations "to stop the flow of monies, royalties and dividends out of&nbsp;Russia".

"Heineken&nbsp;will no longer accept any net financial benefit derived from our Russian operations," it said.

Heineken's other famous brands include Amstel, Tiger and Strongbow cider.

Danish brewer&nbsp;Carlsberg, the world's fourth biggest beer producer, said it too was halting production and sales in&nbsp;Russia.

It said Baltika Breweries, which it majority owns, would continue to operate as a separate business to sustain its 8,400 employees in&nbsp;Russia&nbsp;"who are not responsible for the actions of the government".

Also read |&nbsp;<a href="https://www.wionews.com/world/life-imitates-art-broadcasters-clamours-to-air-ukrainian-comedian-turned-war-hero-presidents-tv-show-460771">Life imitates art: Broadcasters clamours to air Ukrainian comedian-turned-war-hero President's TV show</a>

The Danish group said that during the humanitarian crisis in Ukraine, any profits generated by its business in&nbsp;Russia&nbsp;would be donated to relief organisations.

Sony Group, which owns PlayStation, said in a Thursday statement that its video game unit "joins the global community in calling for peace in Ukraine" as it announced it had suspended operations in&nbsp;Russia.&nbsp;

The tech and entertainment conglomerate also said it was donating $2 million to the UN refugee agency and Save the Children "to support the victims of this tragedy".

A Nintendo spokesperson told AFP it would suspend shipments to&nbsp;Russia&nbsp;"for the time being" for logistical reasons.&nbsp;

World's biggest label

About 300 companies have announced their withdrawal from&nbsp;Russia&nbsp;since it invaded neighbouring Ukraine, according to Yale University researchers.

McDonald's, Coca-Cola and Starbucks joined the crowd on Tuesday following public pressure to do so.

Also on Tuesday,&nbsp;Universal&nbsp;Music&nbsp;Group, the world's biggest label, said it was suspending all operations and closing its offices in&nbsp;Russia&nbsp;effective immediately.

"We urge an end to the violence in Ukraine as soon as possible,"&nbsp;Universal&nbsp;said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/world/read-olena-zelenskas-letter-to-the-world-first-lady-of-ukraine-condemns-mass-murder-by-russia-460806">Read Olena Zelenska's letter to the world: First Lady of Ukraine condemns 'mass murder' by Russia</a>

"We are adhering to international sanctions and, along with our employees and artists, have been working with groups from a range of countries... to support humanitarian relief efforts to bring urgent aid to refugees in the region," it said.

Italian luxury sports car manufacturer Ferrari said it too was suspending deliveries to&nbsp;Russia.

Ferrari, which has no factories in&nbsp;Russia&nbsp;and is represented there by two independent dealerships, sells less than 100 cars every year in&nbsp;Russia, out of more than 11,000 delivered worldwide last year.&nbsp;

The Italian company on Tuesday announced a donation of one million euros ($1.1 million) "to support the Ukrainians in need".

Elsewhere, French rail giant Alstom announced Wednesday that it was suspending deliveries to&nbsp;Russia&nbsp;as well as future business investments there.

But Alstom said it was keeping its stake in Russian locomotives and rail equipment provider Transmashholding.

Watch |&nbsp;Gravitas: Did America block transfer of fighter jets to Ukraine?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-did-america-block-transfer-of-fighter-jets-to-ukraine-460710/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

&nbsp;

Dutch brewer Heineken, Danish beer-maker Carlsberg, and Universal Music Group are some of the latest Western firms to halt operations in Russia over Moscow's war in Ukraine.

Dutch brewer Heineken, Danish beer-maker Carlsberg, and Universal Music Group are some of the latest Western firms to halt operations in Russia over Moscow's war in Ukraine. On Thursday, Japanese gaming giants PlayStation and Nintendo announced they would suspend shipments to Russia too, joining the hundreds of multinationals who have taken action. Heineken, the world's second-biggest beer company, said Wednesday it was stopping the production, advertising and sale of its namesake brand in Russia "in response to the continued escalation of the war". Heineken had already suspended new investments and exports to Russia last week. Also read | In a heart-warming gesture, Polish citizens leave essentials at border for Ukrainian refugees "We are shocked and saddened to watch the tragedy in Ukraine unfold," Heineken chief executive Dolf van den Brink said in a statement. "The Russian government's war against Ukraine is an unprovoked and completely unjustified attack," he added. Heineken employs 1,800 people in Russia and says it is the third-biggest brewer in the country, where it makes the Zhigulevskoe and Oxota brands for the local market. The brewer said it would take "immediate steps to ring-fence" its Russian business from the rest of its global operations "to stop the flow of monies, royalties and dividends out of Russia". "Heineken will no longer accept any net financial benefit derived from our Russian operations," it said. Heineken's other famous brands include Amstel, Tiger and Strongbow cider. Danish brewer Carlsberg, the world's fourth biggest beer producer, said it too was halting production and sales in Russia. It said Baltika Breweries, which it majority owns, would continue to operate as a separate business to sustain its 8,400 employees in Russia "who are not responsible for the actions of the government". Also read | Life imitates art: Broadcasters clamours to air Ukrainian comedian-turned-war-hero President's TV show The Danish group said that during the humanitarian crisis in Ukraine, any profits generated by its business in Russia would be donated to relief organisations. Sony Group, which owns PlayStation, said in a Thursday statement that its video game unit "joins the global community in calling for peace in Ukraine" as it announced it had suspended operations in Russia. The tech and entertainment conglomerate also said it was donating $2 million to the UN refugee agency and Save the Children "to support the victims of this tragedy". A Nintendo spokesperson told AFP it would suspend shipments to Russia "for the time being" for logistical reasons. World's biggest label About 300 companies have announced their withdrawal from Russia since it invaded neighbouring Ukraine, according to Yale University researchers. McDonald's, Coca-Cola and Starbucks joined the crowd on Tuesday following public pressure to do so. Also on Tuesday, Universal Music Group, the world's biggest label, said it was suspending all operations and closing its offices in Russia effective immediately. "We urge an end to the violence in Ukraine as soon as possible," Universal said in a statement. Also read | Read Olena Zelenska's letter to the world: First Lady of Ukraine condemns 'mass murder' by Russia "We are adhering to international sanctions and, along with our employees and artists, have been working with groups from a range of countries... to support humanitarian relief efforts to bring urgent aid to refugees in the region," it said. Italian luxury sports car manufacturer Ferrari said it too was suspending deliveries to Russia. Ferrari, which has no factories in Russia and is represented there by two independent dealerships, sells less than 100 cars every year in Russia, out of more than 11,000 delivered worldwide last year. The Italian company on Tuesday announced a donation of one million euros ($1.1 million) "to support the Ukrainians in need". Elsewhere, French rail giant Alstom announced Wednesday that it was suspending deliveries to Russia as well as future business investments there. But Alstom said it was keeping its stake in Russian locomotives and rail equipment provider Transmashholding. Watch | Gravitas: Did America block transfer of fighter jets to Ukraine?

PlayStation, Nintendo, Heineken, Carlsberg, Universal Music join Russia exodus

European Super League was hung out to dry after all Premier League clubs withdrew their name from the competition after a massive uproar from fans.&nbsp;

IN PICS|&nbsp;<a href="https://www.wionews.com/photos/how-fans-took-on-multi-billionaires-to-take-down-european-super-league-379039" hreflang="en">How fans took on multi-billionaires to take down European Super League</a>

Atletico Madrid, Inter and AC Milan have followed all six English Premier League clubs in quitting the breakaway European Super League on Wednesday as the latest development gave another hammer blow to a project that prompted worldwide criticism.

Now, UEFA Champions League's official sponsor Heineken took to social media to take a dig at the European Super League.&nbsp;

They captioned it: "Don't drink &amp; start a league."&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/BetterTogether?src=hash&amp;ref_src=twsrc%5Etfw">#BetterTogether</a> <a href="https://t.co/Yrf7GGug9v">pic.twitter.com/Yrf7GGug9v</a>
— Heineken (@Heineken) <a href="https://twitter.com/Heineken/status/1384796309773766658?ref_src=twsrc%5Etfw">April 21, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Dutch brewing company has been an official sponsor of the UEFA Champions League since 1994. The netizens lauded the beer company's tweet.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Bulls eye <a href="https://t.co/xUe2igCihl">https://t.co/xUe2igCihl</a>
— Subhayan Chakraborty (@CricSubhayan) <a href="https://twitter.com/CricSubhayan/status/1384823418969677827?ref_src=twsrc%5Etfw">April 21, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-conversation="none">
Brilliant!😂 <a href="https://t.co/O4ogZVk3Uy">pic.twitter.com/O4ogZVk3Uy</a>
— Malumbano (@thewakingGiant9) <a href="https://twitter.com/thewakingGiant9/status/1384877976618209280?ref_src=twsrc%5Etfw">April 21, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-conversation="none">
this has to be one of the greatest real time marketing and newsjacking post in a loooong time. 👏🍻
— Major Robert (@rubentzz) <a href="https://twitter.com/rubentzz/status/1384855637755154434?ref_src=twsrc%5Etfw">April 21, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-conversation="none">
Best Marketing come back
— julian a Chetty (@Julian_Chetty76) <a href="https://twitter.com/Julian_Chetty76/status/1384822568973131778?ref_src=twsrc%5Etfw">April 21, 2021</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Several called it the best marketing comeback and were overjoyed with the suspension of the European Super League.&nbsp;

Juventus president and one of the ESL founders, Andrea Agnelli acknowledged it was an impossible task to proceed without the English clubs.

The Super League promised guaranteed entry for its founding clubs and billions of dollars in payments. Most of the clubs have huge debts and wage bills and suffered a sharp drop in revenues during the coronavirus pandemic.

UEFA president Aleksander Ceferin and described the English clubs as "back in the fold".

"I said yesterday that it is admirable to admit a mistake and these clubs made a big mistake," Ceferin said in a statement.

"But they are back in the fold now and I know they have a lot to offer not just to our competitions but to the whole of the European game.

"The important thing now is that we move on, rebuild the unity that the game enjoyed before this and move forward together."

(With inputs from agencies)

European Super League was hung out to dry after all Premier League clubs withdrew their name from the competition after a massive uproar from fans. IN PICS| How fans took on multi-billionaires to take down European Super League Atletico Madrid, Inter and AC Milan have followed all six English Premier League clubs in quitting the breakaway European Super League on Wednesday as the latest development gave another hammer blow to a project that prompted worldwide criticism.

European Super League was hung out to dry after all Premier League clubs withdrew their name from the competition after a massive uproar from fans. IN PICS| How fans took on multi-billionaires to take down European Super League Atletico Madrid, Inter and AC Milan have followed all six English Premier League clubs in quitting the breakaway European Super League on Wednesday as the latest development gave another hammer blow to a project that prompted worldwide criticism. Now, UEFA Champions League's official sponsor Heineken took to social media to take a dig at the European Super League. They captioned it: "Don't drink & start a league." #BetterTogether pic.twitter.com/Yrf7GGug9v — Heineken (@Heineken) April 21, 2021 × The Dutch brewing company has been an official sponsor of the UEFA Champions League since 1994. The netizens lauded the beer company's tweet. Bulls eye https://t.co/xUe2igCihl — Subhayan Chakraborty (@CricSubhayan) April 21, 2021 × Brilliant!😂 pic.twitter.com/O4ogZVk3Uy — Malumbano (@thewakingGiant9) April 21, 2021 × this has to be one of the greatest real time marketing and newsjacking post in a loooong time. 👏🍻 — Major Robert (@rubentzz) April 21, 2021 × Best Marketing come back — julian a Chetty (@Julian_Chetty76) April 21, 2021 × Several called it the best marketing comeback and were overjoyed with the suspension of the European Super League. Juventus president and one of the ESL founders, Andrea Agnelli acknowledged it was an impossible task to proceed without the English clubs. The Super League promised guaranteed entry for its founding clubs and billions of dollars in payments. Most of the clubs have huge debts and wage bills and suffered a sharp drop in revenues during the coronavirus pandemic. UEFA president Aleksander Ceferin and described the English clubs as "back in the fold". "I said yesterday that it is admirable to admit a mistake and these clubs made a big mistake," Ceferin said in a statement. "But they are back in the fold now and I know they have a lot to offer not just to our competitions but to the whole of the European game. "The important thing now is that we move on, rebuild the unity that the game enjoyed before this and move forward together." (With inputs from agencies)

'Don't drink and start a league': UEFA Champions League's official sponsor takes a dig at European Super League

Global beer-making giant Heineken landed in trouble over its latest advertisement after music artist Chance the Rapper called it "terribly racist".

Heineken Light's latest commercial sparked an outcry after which the company announced the withdrawal of the advertisement on Tuesday.

Heineken confirmed pulling the video commercial for its global markets. “While we feel the ad is referencing our Heineken Light beer, we missed the mark, are taking the feedback to heart and will use this to influence future campaigns,” the company said in a statement.

The commercial runs with the punchline, “Sometimes, Lighter is Better” and shows a bartender swinging a bottle of Heineken Light across a number of people of color, before the bottle finally reaches a light-skinned woman.

The Chicago-born music artist tweeted out saying that the commercial is highly racist.&nbsp

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
I think some companies are purposely putting out noticably racist ads so they can get more views. And that shit racist/bogus so I guess I shouldn’t help by posting about it. But ? I gotta just say tho. The “sometimes lighter is better” Hienekin commercial is terribly racist omg
— Chance The Rapper (@chancetherapper) <a href="https://twitter.com/chancetherapper/status/978078809995046912?ref_src=twsrc%5Etfw">March 26, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

"I think some companies are purposely putting out noticeably racist ads so they can get more views. And that shit racist/bogus so I guess I shouldn’t help by posting about it. But, I gotta just say though. The “sometimes lighter is better” Hienekin commercial is terribly racist omg," read his tweet.&nbsp

(With inputs from Reuters)

Heineken Light's latest commercial sparked an outcry after which the company announced the withdrawal of its advertisement on Tuesday

Global beer-making giant Heineken landed in trouble over its latest advertisement after music artist Chance the Rapper called it "terribly racist". Heineken Light's latest commercial sparked an outcry after which the company announced the withdrawal of the advertisement on Tuesday. Heineken confirmed pulling the video commercial for its global markets. “While we feel the ad is referencing our Heineken Light beer, we missed the mark, are taking the feedback to heart and will use this to influence future campaigns,” the company said in a statement. The commercial runs with the punchline, “Sometimes, Lighter is Better” and shows a bartender swinging a bottle of Heineken Light across a number of people of color, before the bottle finally reaches a light-skinned woman. The Chicago-born music artist tweeted out saying that the commercial is highly racist. I think some companies are purposely putting out noticably racist ads so they can get more views. And that shit racist/bogus so I guess I shouldn’t help by posting about it. But ? I gotta just say tho. The “sometimes lighter is better” Hienekin commercial is terribly racist omg — Chance The Rapper (@chancetherapper) March 26, 2018 × "I think some companies are purposely putting out noticeably racist ads so they can get more views. And that shit racist/bogus so I guess I shouldn’t help by posting about it. But, I gotta just say though. The “sometimes lighter is better” Hienekin commercial is terribly racist omg," read his tweet. (With inputs from Reuters)

Heineken pulls down beer commercial over complains of racism

China Resources Beer (Holdings) Co Ltd is in talks to acquire Heineken NV&rsquo;s China business in a deal that could be worth more than $1 billion, as the country`s largest brewer seeks new growth from premium brands, five people close to the discussions said.&nbsp;

The negotiations come as global beer giants such as Heineken, AB InBev and Carlsberg are facing fierce competition from local rivals and each other in emerging markets, which have been touted as the growth engine for the world`s biggest brewers.&nbsp;

China is the world`s largest beer market by volume. CR Beer`s biggest brand, Snow, is the world`s top-selling beer but is almost exclusively sold in China. 
&nbsp; 
One of the sources said the deal between CR Beer and Heineken would most likely include three breweries - in Guangdong, Hainan and Zhejiang provinces - Heineken`s distribution operation and its brands in China.

The two brewers have discussed a share-swap as part of the transaction, the source said.

Details have not been finalised and talks could yet fall apart, the sources said. They declined to be identified as the information is not public. 
&nbsp; 
CR Beer did not respond to requests for comment. Heineken declined to comment.

Shares of CR Beer jumped as much as 14.4 per cent on Friday in Hong Kong to an all-time high of HK$35.30, following the report published after Thursday`s market close.

&quot;The (CR Beer) stock move is driven by the news about the company`s interest in Heineken`s China business. China Resources already owns the top beer brand in China, but it`s a very local brand,&quot; said Steven Leung, a Hong Kong-based director at brokerage UOB Kay Hian.

&quot;With the acquisition of the Heineken business, the image of the company as a whole will improve, as China is upgrading its consumption quality,&quot; he said. &quot;The sustainability of the rally in the stock will depend on what price they pay for the Heineken business.&quot;

Shares in Amsterdam-listed Heineken rose 3 per cent on Thursday.

Heineken, which entered China in 1983, has struggled to set up a strong distribution network and to make a mark with its flagship Heineken lager, which lags far behind AB InBev`s Budweiser in the premium market, industry analysts say.&nbsp;

The Dutch brewer had a 0.5 per cent share of the China market by volume in 2016, according to research firm Euromonitor International, while CR Beer accounted for more than a quarter.

Heineken sells its premium lagers Heineken, Tiger and Sol in China, along with cheaper local brands Anchor and Hainan Beer.

The company has invested millions of dollars in promoting Heineken as the global lager of choice, predominantly through sports, including soccer and Formula One. Next month will mark its second time as prime sponsor of the Chinese Grand Prix.

Beer sales volume in China has been declining since 2013 and is forecast to continue to fall, according to Euromonitor. Sales of higher-margin premium beers, however, have been growing at a double-digit rate each year during the same period.&nbsp;

&quot;CR Beer doesn&rsquo;t have super-premium lagers, while Heineken has high-end brands but lacks scale in China,&quot; said one source. &quot;Heineken is a natural target for CR Beer.&quot; 
Heineken`s eponymous brand sells for three times the price of Snow in China. Chinese beer drinkers are overwhelmingly consumers of low-margin inexpensive beer, which makes up 80 per cent of the market by volume, compared with an average of 18 per cent in big developed markets, according to Nomura analysts.&nbsp;

Last year Japan`s Asahi Group Holdings sold its 19.9 per cent stake in Tsingtao Brewery Co - CR Beer`s biggest domestic rival - for $937 million as it decided to focus on Europe and elsewhere in Asia.

CR Beer`s interest in Heineken`s China unit follows its takeover in 2016 of SABMiller`s 49 per cent stake in its CR Snow venture for $1.6 billion.

That acquisition helped the Chinese brewer turn around its business. In 2016 it reported its first annual profit in three years after a renewed focus on the Snow brand and expanded sales in key Chinese cities.&nbsp;

Heineken trades on an enterprise value - market capitalisation plus debt - of 12 times its earnings before interest, tax, depreciation and amortisation in the last year.

That is above Carlsberg`s multiple of 10 but far short of CR Beer`s 23.

($1 = 7.8336 Hong Kong dollars)

($1 = 0.8065 euros)

The two brewers have discussed a share-swap as part of the transaction, the source said

China Resources Beer (Holdings) Co Ltd is in talks to acquire Heineken NV’s China business in a deal that could be worth more than $1 billion, as the country`s largest brewer seeks new growth from premium brands, five people close to the discussions said. The negotiations come as global beer giants such as Heineken, AB InBev and Carlsberg are facing fierce competition from local rivals and each other in emerging markets, which have been touted as the growth engine for the world`s biggest brewers. China is the world`s largest beer market by volume. CR Beer`s biggest brand, Snow, is the world`s top-selling beer but is almost exclusively sold in China. One of the sources said the deal between CR Beer and Heineken would most likely include three breweries - in Guangdong, Hainan and Zhejiang provinces - Heineken`s distribution operation and its brands in China. The two brewers have discussed a share-swap as part of the transaction, the source said. Details have not been finalised and talks could yet fall apart, the sources said. They declined to be identified as the information is not public. CR Beer did not respond to requests for comment. Heineken declined to comment. Shares of CR Beer jumped as much as 14.4 per cent on Friday in Hong Kong to an all-time high of HK$35.30, following the report published after Thursday`s market close. "The (CR Beer) stock move is driven by the news about the company`s interest in Heineken`s China business. China Resources already owns the top beer brand in China, but it`s a very local brand," said Steven Leung, a Hong Kong-based director at brokerage UOB Kay Hian. "With the acquisition of the Heineken business, the image of the company as a whole will improve, as China is upgrading its consumption quality," he said. "The sustainability of the rally in the stock will depend on what price they pay for the Heineken business." Shares in Amsterdam-listed Heineken rose 3 per cent on Thursday. Heineken, which entered China in 1983, has struggled to set up a strong distribution network and to make a mark with its flagship Heineken lager, which lags far behind AB InBev`s Budweiser in the premium market, industry analysts say. The Dutch brewer had a 0.5 per cent share of the China market by volume in 2016, according to research firm Euromonitor International, while CR Beer accounted for more than a quarter. Heineken sells its premium lagers Heineken, Tiger and Sol in China, along with cheaper local brands Anchor and Hainan Beer. The company has invested millions of dollars in promoting Heineken as the global lager of choice, predominantly through sports, including soccer and Formula One. Next month will mark its second time as prime sponsor of the Chinese Grand Prix. Beer sales volume in China has been declining since 2013 and is forecast to continue to fall, according to Euromonitor. Sales of higher-margin premium beers, however, have been growing at a double-digit rate each year during the same period. "CR Beer doesn’t have super-premium lagers, while Heineken has high-end brands but lacks scale in China," said one source. "Heineken is a natural target for CR Beer." Heineken`s eponymous brand sells for three times the price of Snow in China. Chinese beer drinkers are overwhelmingly consumers of low-margin inexpensive beer, which makes up 80 per cent of the market by volume, compared with an average of 18 per cent in big developed markets, according to Nomura analysts. Last year Japan`s Asahi Group Holdings sold its 19.9 per cent stake in Tsingtao Brewery Co - CR Beer`s biggest domestic rival - for $937 million as it decided to focus on Europe and elsewhere in Asia. CR Beer`s interest in Heineken`s China unit follows its takeover in 2016 of SABMiller`s 49 per cent stake in its CR Snow venture for $1.6 billion. That acquisition helped the Chinese brewer turn around its business. In 2016 it reported its first annual profit in three years after a renewed focus on the Snow brand and expanded sales in key Chinese cities. Heineken trades on an enterprise value - market capitalisation plus debt - of 12 times its earnings before interest, tax, depreciation and amortisation in the last year. That is above Carlsberg`s multiple of 10 but far short of CR Beer`s 23. ($1 = 7.8336 Hong Kong dollars) ($1 = 0.8065 euros)

China Resources Beer in talks to acquire Heineken's China business: Reports

heineken

Heineken, News on Heineken, stories on Heineken, articles on Heineken, Heineken stories at Wion, Heineken news, Heineken latest news