Companies sell their businesses in Russia

08/26/2022 | 07:05am

Aug 26 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized.

Below is a list of firms by sector that have sold their businesses in Russia: AUTOS

** British car distributor Inchcape sold its Russian business to local management

** Italian truck and bus maker Iveco transferred its 33% stake in AMT truck assembly joint venture in Russia to local partner

** French tyre maker Michelin intends to transfer its activities in Russia to a new entity under local management by the end of 2022

** French carmaker Renault sold its majority stake in Avtovaz to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow BANKS

** Britain's HSBC agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia

** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin

** France's Societe Generale sold its Russian business Rosbank to Interros Capital, a firm linked to Russian oligarch Vladimir Potanin CONSUMER ELECTRONICS

** Swedish home appliance maker Electrolux Professional sold its Russian business to local management

** Whirlpool agreed to sell its Russian operations to Turkey's Arcelik, with closing expected in the third quarter ELECTRICAL COMPONENTS & EQUIPMENT

** Finland's Boreo sold its 90% stake in YE Russia to companies controlled by its current director Yrj Pnni

** Finnish elevator maker Kone expects to close the sale of its Russian business to local management in the fourth quarter

** France's Schneider Electric expects to close the sale its Russian unit to local management by the end of 2022

** U.S. elevator maker Otis sold its Russia business to local investment firm Ice Development ENERGY

** Baker Hughes agreed to sell its oilfield services business in Russia to local management, with closing expected in the second half of 2022

** Italian utility Enel sold its 56.43% stake in Enel Russia to Lukoil and private fund Gazprombank-Frezia

** Norway's Equinor transferred assets of its four Russian oil and gas joint ventures to state-owned partner Rosneft, and agreed to exit the Kharyaga oil project

** Oil major Shell sold its Russian retail and lubricants business, including 411 retail stations and the Torzhok lubricants blending plant, to Lukoil

** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis

** Total Energies is selling its stake in Terneftegaz, a joint venture with Novatek, to the Russian oil and gas company, with closing expected in September FOOD & BEVERAGES

** Finland's Atria sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo

** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding

** Irish ingredients giant Kerry Group sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator

** Fast food chain McDonald's sold its Russian business to its licensee Alexander Govor ** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi ** Yum Brands sold its Pizza Hut business in Russia to a local operator ** Finnish food processing firm Raisio sold its consumer business in Russia to Copacker Agro ** Finnish dairy producer Valio sold its Russian business to GK Velkom

INDUSTRIAL MACHINERY

** Polish measuring devices maker Apator's Powogaz unit divested its entire stake in Russia-based AO Teplovodomer

** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, with closing expected in September

** Switzerland's Oerlikon sold its Russian operations to local management

** Finnish forest machine maker Ponsse sold its unit operating in Russia and Belarus to OOO Bison, a Russian company set up a month earlier by the owner of its local retailer

** Finnish forestry firm Stora Enso sold its three packaging plants and two sawmills to local management, and expects to complete the transfer of its forest operations in the second half of 2022 PACKAGING

** Norwegian carton packaging and filling equipment supplier Elopak agreed to sell its Russian unit JSC Elopak to a company beneficially owned by the local management, with closing expected in the second half of 2022

** Britain's Mondi expects to close the sale of its largest Russian plant to an investment vehicle owned by Russian billionaire Viktor Kharitonin in the second half of 2022

** Swedish-Swiss firm Tetra Pak agreed to divest its Russian business to local management, subject to regulatory approval RETAIL

** Poland's LPP sold its Russian company RE Trading to a Chinese consortium

** Beauty chain Sephora, owned by French luxury firm LVMH , is selling its Russian unit to the local general manager

The clearance process is under way and is typically expected to take a few months, a spokesperson told Reuters via email

** Finland's SOK sold the Saint Petersburg stores of its Prisma retail chain to Russia's X5, and its hotels business https://s-ryhma.fi/en/news/sok-sells-hotel-business-in-st-petersburg/BTpgc7zQGyCMYEAGjX3re in the city to Russian investors Alexander Ermakov and Yury Shumakovare OTHERS

** Biopharmaceutical firm Bristol-Myers Squibb transferred its commercial operations in Russia to a third-party distributor

** Dutch recruiter Brunel International transferred its Russian operations to local management

** British tobacco group Imperial Brands sold its Russian business to "investors based in Russia"

** Norwegian paint maker Jotun, in which Orkla holds a 42.6% stake, sold its Russian assets to industrial group Atomstroykomplex

** Canadian gold miner Kinross sold its Russian assets to the Highland Gold Mining Group

** Swedish ventilation systems maker Lindab sold its Russian unit to the local managing director

** Finnish training company Soprano sold MIF Russia unit to local management

** Finnish builder YIT sold its Russian operations to Etalon Group

** Swiss insurer Zurich sold its Russian business to 11 members of the local team (Additional reporting and compilation by Elena Vardon and Elitsa Gadeva, with the contribution of Augustin Turpin, Enrico Sciacovelli, Ina Kreutz, Agnieszka Gosciak Editing by Andrew Heavens, Susan Fenton, Emelia Sithole-Matarise and Milla Nissi)

Reuters 2022
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