Pernod Ricard sells three whisky brands to abide by competition laws |
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Published
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Mon, 26 Dec 2005 17:05
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PARIS: Liquor maker Pernod Ricard Group has sold its Glen Grant, Old Smuggler and Braemar whisky brands to Italy's Davide Campari-Milano SpA for a total of $154.
The sale is in accordance with the company's commitment to the European Commission following the acquisition of Allied Domecq in April this year and marks the last sale of assets to fulfil competition law provisions. The sale will also require the commission's approval.
Glen Grant is the world's second largest selling single malt whisky brand. Pernod Ricard said it will continue to have Glenlivet and Aberlour single malt whisky brands.
Campari will have control over Pernod Ricard's distillery at Morayshire Scotland, where Glen Grant is made.
According to sources, the entire transaction will close in the first quarter of 2006 after the regulatory approvals are obtained. BNP Paribas and law firms, the Macfarlanes and the Maclays advised Pernod Ricard in the matter. law firms.
Pernod Ricard’s global brand continues to be its premium Scotch whisky Chivas Regal. The firm also sells anise drinks, liqueurs and clear spirits. Its other brands include Jameson Irish whiskey, Martell cognac and Jacob's Creek wine.
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