Danish brewer Carlsberg (CARLb.CO) denied on Wednesday a media report that said the company had agreed to sell its Russian business to Turkish rival Anadolu Efes (AEFES.IS).

Russian daily Vedomosti, citing two sources close to the talks, reported on Wednesday that a deal had been reached between the two companies.

A Carlsberg spokesperson said the report was not correct.

Carlsberg, the Western brewer most exposed to Russia, said last year it planned to sell the Russian business and book a writedown of about 9.9 billion Danish crowns following Moscow’s invasion of Ukraine.

Carlsberg’s board Chair Henrik Poulsen on Monday told shareholders that the company had narrowed the group of potential buyers to just under 10, and that it still expected to have a deal in place before the end of the second quarter.