SABMiller in Russian buy

SABMiller is hoping that the people of Vladivostock live up to their reputation as among the thirstiest in the world.

The South African-American brewer, best known in the UK for peddling Peroni, is buying Vladpivo, the largest brewer in Russia's far eastern provinces.

The market around the port city of Vladivostock accounts for nearly 8% of all Russian beer consumption and SABMiller reckons it is growing faster than the country's ale-swilling in general.

SABMiller is refusing to say how much it is paying for Vladpivo but the business is believed to be worth about $70 million (£35.5 million).