UB group swallows French wine producer
The United Breweries group has bought a major French wine producer in the west-central Loire region, the US investment company Starwood Capital said on Wednesday.
By Agencies |
PARIS: The United Breweries group has bought a major French wine producer in the west-central Loire region, the US investment company Starwood Capital said on Wednesday.
The price paid for the Saumur-based Bouvet-Ladubay, "exceeds the 15 million dollars" previously mentioned, Starwood said. "We undertake to develop Bouvet's major brands abroad, including in emerging markets where we have a strong presence," said United Breweries' head Vijay Mallya in a statement.
The deal should be completed by the end of next week, according to Starwood.
In May, United Breweries Group, which also has interests in construction and an airline named after its leading beer brand, Kingfisher, shelved plans to buy French champagne house Taittinger after French regional bank Credit Agricole du Nord Est topped its bid.
"Credit Agricole was the winning bidder. There is a sentiment that champagne assets should remain in France," Mallya said.
"So we peacefully bowed out of the process. I was not prepared to get into a bidding war because that would have diluted the shareholder value for United Breweries. That was not something I was prepared to do," he said.
He said he did not foresee any hurdles to the acquisition of Bouvet-Ladubay, a division of Taittinger.
At the end of May the Credit Agricole paid 660 million euros (845 million dollars) (debt included) for Taittinger in a deal due to be finalised in August.
The price paid for the Saumur-based Bouvet-Ladubay, "exceeds the 15 million dollars" previously mentioned, Starwood said. "We undertake to develop Bouvet's major brands abroad, including in emerging markets where we have a strong presence," said United Breweries' head Vijay Mallya in a statement.
The deal should be completed by the end of next week, according to Starwood.
In May, United Breweries Group, which also has interests in construction and an airline named after its leading beer brand, Kingfisher, shelved plans to buy French champagne house Taittinger after French regional bank Credit Agricole du Nord Est topped its bid.
"Credit Agricole was the winning bidder. There is a sentiment that champagne assets should remain in France," Mallya said.
"So we peacefully bowed out of the process. I was not prepared to get into a bidding war because that would have diluted the shareholder value for United Breweries. That was not something I was prepared to do," he said.
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He said he did not foresee any hurdles to the acquisition of Bouvet-Ladubay, a division of Taittinger.
At the end of May the Credit Agricole paid 660 million euros (845 million dollars) (debt included) for Taittinger in a deal due to be finalised in August.
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