UB to acquire Taittinger subsi
India's biggest distiller, United Breweries Group, said on Friday it will acquire winemaker Bouvet-Ladubay, a subsidiary of French champagne group Taittinger, for $15 million.
By Agencies |
BANGALORE: India's biggest distiller, United Breweries Group, said on Friday it will acquire winemaker Bouvet-Ladubay, a subsidiary of French champagne group Taittinger, for $15 million.
"We are looking to acquire this company over the next few weeks," UB chief Vijay Mallya told reporters in this southern Indian city.
"It will enable United Breweries to get into high quality premium wine which we will import and sell in (the) Indian market. It will also give us access to wine technology of the highest order," Mallya said. He said the technology will be used to develop Indian vineyards.
Founded in 1851, Bouvet-Ladubay was described as one of the most respected wine-producing firms in France's Loire Valley. 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 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.
United Breweries, the world's third-largest spirits producer and with 60 per cent of the Indian market, had offered an estimated amount of nearly Rs 30 billion ($660 million) to acquire Taittinger.
"We are looking to acquire this company over the next few weeks," UB chief Vijay Mallya told reporters in this southern Indian city.
"It will enable United Breweries to get into high quality premium wine which we will import and sell in (the) Indian market. It will also give us access to wine technology of the highest order," Mallya said. He said the technology will be used to develop Indian vineyards.
Founded in 1851, Bouvet-Ladubay was described as one of the most respected wine-producing firms in France's Loire Valley. 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 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.
United Breweries, the world's third-largest spirits producer and with 60 per cent of the Indian market, had offered an estimated amount of nearly Rs 30 billion ($660 million) to acquire Taittinger.
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