When Heineken’s CEO Dolf van den Brink resigned on 12 January, many pundits expressed surprise. Well, it was a surprise – in a way – because no successor was named. Last time round, in 2020, the official resignation statement by Heineken’s long time CEO Jean-Francois van Boxmeer already introduced the internal candidate, Mr Van den Brink, as the next CEO.. Not so this time. But that’s no reason for concern. Potential successors will be waiting in the wings. What I find offensive is this feigned astonishment over Mr van den Brink stepping down. Any investor or media hack, who has been following the news, could have seen that he has been under heavy fire for months. In the boysy world of finance, analysts are not known for their restraint or subtlety. Already in October last year, when Heineken issued a profit warning and reported a 3.8 percent decline in consolidated organic volume for the third quarter, some publicly worried if Heineken had a plan as to how to boost volume sales. All the various comments indicated that the financial markets had cooled on Heineken and it was only a matter of time before some powerful analysts would start blaming Mr van den Brink personally. What the Heineken family thought of this we do not know. They cannot have been too pleased either: Heineken’s share price has lost over 30 percent since 2023.
The most revealing verdict came from the powerful RBC Capital Markets analyst James Edwardes Jones, who said after (!) Mr van den Brink’s resignation: “He arrived with high expectations, but Heineken has not delivered on them.” The grammar is confusing: Did Mr van den Brink or Heineken fail to deliver? Mr Edwardes Jones added: “Perhaps this change at the top is what Heineken needs.” Ignore the qualifying “perhaps” and the message is: Investors got what they wanted – a scapegoat – and Heineken another chance at producing better results. Good luck to the new Heineken CEO.
Diageo tests market for Sichuan Swellfun stake sale. If rumours are to be believed, Diageo is poised to sell its 63 percent-plus stake in Shanghai-listed Sichuan Swellfun, the Chinese group which produces the Shuijingfang brand of baijiu. Other assets in China could also be sold. Bloomberg reports that banks have already approached potential buyers. Sichuan Swellfun has a market capitalisation of about USD 2.7 billion, valuing the stake at approximately USD 1.7 billion. Shares in Sichuan Swellfun have dropped 14 percent in 2025, and in November, Diageo reported a double-digit sales decline in China.
Call it a Bavarian rescue mission. Schneider brewery will buy beer brands Weltenburger and Bischofshof from the struggling Bischofshof brewery in Regensburg on 1 January 2027. Schneider has been contract brewing for Bischofshof before becoming its rescuer. The combined annual beer sales of Bischofshof and Weltenburger are estimated at around 150,000 hl, while Schneider’s sales are estimated at 200,000 hl. The Weltenburg abbey brewery is one of the oldest abbey breweries (founded in 1050) and picturesquely situated in a Benedictine abbey by the Danube Gorge, some 8 km upstream from Kelheim, the home of Schneider. Some fifty years ago, it was acquired by Bischofshof brewery in Regensburg, a city 26 km downstream from Kelheim, which also packages Weltenburger beers. Incidentally, Bischofshof brewery (founded in 1649) is owned by a charity linked to the Catholic diocese of Regensburg. Although Weltenburger is well-known beyond Bavaria, the parent firm has spilled red ink for several years now so that in 2022 it needed a cash injection of EUR 7 million (USD 8 million) from the charity, as was reported by Inside, a German trade publication. The Bischofshof brewery in Regensburg, which was recently modernised and has an alleged capacity of 150,000 hl beer, will be closed on 31 December with the loss of some 50 jobs.
Castel Group CEO accused of power grab. Reports say that two Castel family members want to oust the Swiss tax lawyer-turned-Castel CEO, Gregory Clerc, 39. They accuse him of a power grab and pursuing a vision for the group which is not in accordance with the family’s values. But the latest attempt (8 January) to sack him failed. It appears that Pierre Castel planned his succession such that family members would act as trustees of the group and leave operations to professional managers. But Mr Clerc stands accused of having gradually usurped the company and amassed more than 31 corporate mandates. In Africa, where the group holds strategic assets, this leadership war is closely watched. Initially focused on wine, the group has diversified into beer, accumulating significant operations across Africa, where it has breweries in 22 countries. The company employs about 40,000 people and dominates entire economies. The internal crisis could, in the long run, weaken the image of this industrial champion, at a time when economic sovereignty is touted as a top priority by several African governments.
Italy marginally lowers beer excise. Although Italy is enjoying an unusual bout of economic stability, chronically low GDP growth means the government does not have enough money to satisfy all the demands of Prime Minister Giorgia Meloni’s coalition partners. So Assobirra, an industry body representing the majority of Italy’s breweries, is mightily pleased that the government has agreed to lower the excise on beer to EUR 2.98 (USD 3.45) per hl and per degree Plato, compared to the current EUR 2.99, for the years 2026 and 2027. It is a modest cut. But Assobirra had lobbied for an equally marginal reduction of EUR 0.02 per hl and degree Plato, Italian media said on 7 January. Any tax relief is welcome. Between 2024 and 2025, Italy’s brewing industry recorded a decline in consumption, production and export, in a context marked by inflationary pressures and the progressive erosion of purchasing power. It is within this framework that the excise reduction in Budget Law 2026 must be read.
US dietary guidelines abandon specific advice on alcohol. For the first time in decades, the US government does not offer specific guidance to American adults about how much to drink. On 7 January, the Trump Administration released its long-awaited, updated dietary guidelines for 2025-2030. The overall message is: Americans should eat more whole foods and protein, fewer highly processed foods and less added sugar. The new guidelines roll back previous recommendations to limit alcohol to one drink or fewer per day for women and two drinks or fewer per day for men. Instead, Americans are advised to “consume less alcohol for better health”.
Weeks-long pressure from industry groups and more than 1,000 landlords, who had banned Labour MPs from their pubs, seems to have had its intended effect. In early January, media reported that Rachel Reeves, the chancellor, was finalising a support package for the struggling hospitality industry that would include reductions to business rates. When presenting her autumn budget in November, Ms Reeves announced she would lower business rates (basically a property tax). But at the same time, she announced the end of Covid-era reliefs, which, when combined with a three-yearly revaluation of property values, dwarfed the impact of the rates cut. As of April, pubs were facing an average rise in rates of 76 percent over three years. Industry figures welcomed news of the U-turn. Alas, it comes after similar government climbdowns over cuts to winter fuel payments, cuts to disability benefits and a rise in inheritance tax for farmers. There seems to be common thread in all four major backdowns: a Treasury endeavouring to save money and not fully thinking through the consequences.
One pub per day closed in England and Wales in 2025 as cost pressures take a toll on the sector. The statistics, which were analysed by tax specialists at Ryan, showed that the overall number of pubs in England and Wales, including those vacant and being offered to let, fell to 38,623 from 38,989 a year earlier. Emma McClarkin, CEO of the British Beer and Pub Association, said: “Many of these closures are totally unnecessary and the result of a heavy tax and rates burden, which is why it’s never been more vital for a pub-specific business rates relief which could prevent more closures and more job losses.”
Russia’s beer consumption drops 17 percent in 2025, really? Retail sales of beer dropped by 17 percent in 2025, according to official estimates, while beer production was down only 0.5 percent, or even up by some percentage points over 2024. How to explain these wide discrepancies? Alexey Nebolsin, Vice-President of the Federation of Restaurateurs and Hoteliers of Russia, warned on the website aif.ru: “In reality, the situation is quite different.” Mr Nebolsin concurred that Russians drank less beer in 2025. However, the drop was not as severe as it may seem if accounting practices were considered. In 2024, due to the hot and prolonged summer, a lot of beers were drunk. When 2025 figures are compared with 2023 figures, the decline is only 10 percent. “This is still a lot, but it’s not so scary anymore,” he said.
AB-InBev buys back stake in US metal packaging firm for USD 3 billion from a consortium of institutional investors, the firm announced on 6 January. The metal container operations include seven facilities across six states. The company says the plants are a strategic component of its business, ensuring quality, cost efficiency, speed of innovation and supply security. AB-InBev’s exercise of the repurchase option will be funded with cash-on-hand. The 49.9 percent stake was sold to the investor consortium, led by Apollo Global Management, in 2020 for USD 3 billion. This should help raise cash to pay down its hefty debts from the acquisition of rival brewer SABMiller in 2016. The sale included an option to buy the stake back after five years at a predetermined price. AB-InBev retained operational control of the plants throughout.
Germany’s retailer Edeka and AB-InBev settle their dispute over prices and all of AB-InBev’s brands are available again, German media reported on 2 January. Edeka’s headquarters in Hamburg did not provide any further details, citing competition concerns. Edeka is a member of the transnational purchasing group Everest, which was also involved in the dispute. In November 2025, it became known that Edeka had reduced its supplies, arguing that AB-InBev’s price hike was excessive and not justified by cost increases. Ten beer brands were affected and experienced shortages, including Beck’s, Corona, Franziskaner, Löwenbräu and San Miguel, in various SKUs.
A Kenyan court postpones a case seeking to halt Diageo’s sale of its 65 percent stake in EABL to Asahi. The deal was announced in December, but on 7January, the Kenyan beverage distributor Bia Tosha filed a suit to try and block the transaction. The distributor has pursued legal action since 2016 against Diageo and EABL over an alleged unfair competition dispute. Bio Tosha claims the completion of the sale would prevent it from securing an effective judgment against Diageo. The High Court judge said that Diageo and Asahi could proceed with seeking regulatory approvals in the meantime.
Diageo seeks to ooffload its majority stake in East African Breweries (EABL) to Asahi for USD 2.3 billion, divesting its last direct African beer holding. The deal values stock market-listed EABL at around USD 4.8 billion, or 18.6 times EBITDA. EABL, which operates in Kenya, Tanzania and Uganda, is known for its Tusker beer brand. Under the deal, Asahi will retain Tusker and other local brands and sign new agreements with Diageo to produce Guinness and some spirits, while importing and distributing others.
Suntory Global Spirits, the maker of Jim Beam bourbon, on 1 January, halted production at its main distillery site in Clermont, Kentucky, for all of 2026. This is to align production with demand and manage inventory. The move comes as Kentucky’s USD 9 billion bourbon industry grapples with a glut of bourbon and a slump in demand both at home and abroad. Distillers currently have an all-time record amount of 16 million casks of aging bourbon in stock. It is estimated that consumption is between 2 million and 4 million casks per year. Trouble is, while the bourbons are maturing, they already accrue taxes. In October, the Kentucky Distillers’ Association, a trade body, revealed that they have cost distillers a “crushing” USD 75 million in 2025, a 27 percent increase from 2024. Kentucky’s unique property tax on aging bourbon casks has been a significant annual burden. Luckily, the ad valorem tax is gradually being phased out under House Bill 5, starting in 2026 – but only ending by 2043.
Beer wars in Luxembourg: EU Commission enforces competition among wholesalers. The arrival of a new distributor to supply bars and restaurants – under the watchful eye of an EU-appointed monitor – could loosen the grip that Luxembourg’s two leading brewers have long held over beer prices. In July 2025, the European Commission told Luxembourg’s major brewery, Brasserie Nationale and its distribution arm Munhowen, that in order to take over the rival beer and beverage distributor, Boissons Heintz, they must sell off the latter’s truck fleets, depots and client base in the hospitality sector. This was to alleviate competition concerns. A combination of the largest distributor Munhowen and second-ranked Heintz, which was first announced in December 2023, would have dominated the on-premise sector. Brasserie Nationale has since found a buyer in the Belgian distributor Brassiere Maziers, which has its stronghold in the region to the west of Luxembourg, where the border has largely become meaningless. The whole affair will have left the Lentz family, the owner of Brasserie Nationale and Munhowen, feeling bitter. They will have made a huge loss on what is basically a prescribed fire sale. Not enough, the remainder of Heintz that they are allowed to keep, are the far less profitable off-premise accounts. They could feel extra bitter that it was AB-InBev, the owner of Luxembourg’s second-largest brewery Diekirch since 2002, which initiated the European Commission’s investigation in the first place.