The Kyiv Economic Court has handed Sarmat a victory over the employee‑owned Obolon brewery, but it is likely too late for Sarmat to stage the hostile takeover of its rival that it had planned.
An Aug. 14 ruling by the court invalidated Obolon’s requirement that shareholders wishing to sell their stock in the brewery first offer the shares to existing shareholders before selling to unaffiliated third parties.
Andry Vitchenko, Obolon’s attorney, vowed to appeal the ruling.
Sarmat, which bought shares equal to about an 11 percent stake in Obolon through a company called Keramet Invest, challenged the provision in Obolon’s charter in court. The Kyiv judge held that a 1998 law invalidated the charter provision and that the shares could be freely transferred. In so doing, it overturned a June 6 decision by the Desnyansky District Court.
While the most recent ruling allows Sarmat to retain the shares it purchased, it may be difficult to obtain enough additional shares to gain control of the company.
In a July 4 decision, a Kyiv Economic Court judge held that if Sarmat or Karamet Invest intended to acquire 40 percent or more of the brewery, Antimonopoly Committee permission would be required. Sarmat has appealed that decision.
Even if Sarmat retains its 11 percent stake, it may not control Obolon anytime soon. When Sarmat began buying Obolon shares from employees, Obolon started a bidding war and amassed 80 percent of the shares, which are held by four companies formed by the brewer for that purpose.
