:. Food Industry News

Categories: Mergers and Acquisitions

Fortune Buys V&S's Beam Stake for $464 Mln

Source: Reuters
25/07/2008

Stockholm, July 25 - U.S. spirits group Fortune Brands has bought Vin & Sprit 's 10 percent stake in Fortune's beverage unit, Beam Global Spirits & Wine, for 2.8 billion Swedish crowns ($464 million), the Swedish government said on Friday.

Daily News Alerts

France's Pernod Ricard in March won a battle to buy V&S, the Swedish state-owned maker of Absolut Vodka, beating out Fortune, which produces Jim Beam bourbon and owns the rest of wine and spirits company Beam Global.

The 5.6 billion euro ($8.8 billion) Pernod deal did not include V&S's stake in Beam.

Fortune had been looking to exercise a clause allowing it to buy the V&S stake, though the sides had been unable to agree on a price.

Financial Markets Minister Mats Odell said in a statement the government earned a total 58 billion crowns for the assets of V&S, which will go toward paying down debt.

Sweden is in the midst of its largest-ever privatisation of state assets, an effort the government hopes will net it 200 billion crowns over the course of its four-year mandate.

Pernod said on Wednesday it had closed the V&S acquisition.

'It (the Beam deal) is a good deal ... We are very pleased with it,' Odell spokeswoman Sarah Lundgren said.



GO   View more articles on this subject


More Alerts from 28/07/2008


Email This Article To A Colleague     Print A Copy Of This Page
 
 
 
 
FLEXNEWS - Business News for the Food Industry

About Us | Contact Us | Terms & Conditions | Privacy Policy
 
Daily News Alerts
Related Items
Central European Distribution Corporation Announces...
Fortune Brands Announces Third Quarter Results
Castle Brands Closes Private Placement and Receives...
Castle Brands Executes Agreement to Receive Cash Infusion...
Castle Brands in Discussions to Receive Cash Infusion...
Fortune Brands Reports Second Quarter Results
Pernod Ricard Completes Acquisition of V&S
U.S. Spirits Consumption Grows for 10th Straight Year;...
Fortune Brands Cuts '08 Forecasts; Shares Fall
Castle Brands Announces Fourth Quarter and Fiscal 2008...

More in Food Industry News
Unilever Reshapes its Global Research & Development
SIA Unit to Buy Singapore Food for S$478 Million
Vietnam Aims to Avoid Coffee Expansion in 2009
UK: Real Good Food Warns on Profit Again
Tesco Preparing for Tougher Times Ahead
Brown-Forman to Divest Italian Wines
DeMet's Candy Company Acquires the Treasures and Stixx...
Canada Greens File Complaint on Nestle Water Ads
Saputo Completes the Acquisition of the Activities...
Carrefour Plans More French "Carrefour" Brand...

Top Headlines
FDA Reports Significant Progress in Protecting the...
Colruyt Issues Interim Financial Report; Revenues Rise...
UK: Bidders Circle Troubled Woolworths
UK: Confectionery Firm Zetar Could Lose 3% of Turnover...
Ardo Confirms Take-Over of Austria Frost
Oil-and-Fat Composition for Spray, and Method for Production...
Carrefour Still Planning Indian Joint Ventures
Hong Kong Sets Maximum Standards for Melamine in Food
Drought Sends Saffron Price Skyrocketing
Thai Govt to Sell 1.37 Million Tonnes Rice Stocks
Aryzta Q1 Revenue up 32 pct
China Lifts Price Controls on Food -NDRC
SABMiller Looks for Growth in India's Beer Market
Massachusetts Firm Recalls Ready-To-Eat Frozen Beef...
Singapore Food's Majority Shareholder in Talks to Sell...
Coke's Europe Chief Sees Slower Growth Amid Crisis
FDA Defends U.S. Infant Formula; Sets Safe Level
Russia's X5 Retail Group Q3 Net Loss $14.7 Mln
Canada: Health Authorities Say Milk Formula Safe Despite...
Taste Potentiator Compositions in Oral Delivery Systems
Enzyme Preparations Yielding a Clean Taste
T1R1 Receptor Binding Assays for Identification of...


 


FLEXNEWS 2008 - All rights reserved
ISSN 1950-6228