STOCKS NEWS EUROPE-Brewers down on Russia beer tax report

Brewers Carlsberg (CARLb.CO), Heineken (HEIN.AS) and Anheuser-Busch InBev (ABI.BR) lead the field of European blue chip losers after a report that Russia may triple its beer tax.

Carlsberg stock is 2.0 percent weaker at 322.00 crowns, Heineken is off 2.3 percent at 26.00 euros and AB InBev is 1.8 percent lower at 26.46 euros. The three are the largest players in the Russian market. The DJ Stoxx food and beverage index .SX3P is 0.3 percent lower.

According to the Vedomosti business daily, beer tax on the same sized bottle could triple to 3.51 roubles ($0.11) [ID:n9622192]. A beer would typically cost between 15 and 50 roubles.

"This would be especially bad for Carlsberg, the biggest brewer there," said Ton van Ooijen of Kepler Capital Market, who has just initiated the stock with a 'buy' recommendation.

Shares in SABMiller (SAB.L) are flat. The UK-listed brewer has cut its Europe annual beer growth target to 2-4 percent and sees Europe beer volumes flat in the year to March 2010. [ID:nL8620613]

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