Russia's second-largest oil company Yukos looks set to step up its investment in the oil processing and transportation infrastructure of the Baltic states, while archrival Lukoil is concentrating on the new St Petersburg oil terminal and the post-Soviet markets further south. The two strategies allow the companies to avoid head-on competition with each other.
The major attraction is Hartwall's 50% share of Russia's leading brewer BBH. S&N has been relatively weak in high-growth emerging markets, but its recent acquisitions including Hartwall are changing the situation. As a result, the rumored three-way merger between S&N, SAB and Miller is looking increasingly unlikely.
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