FRANCE. Pernod Ricard has signed an agreement to sell Cognac brand Bisquit and associated inventories to Distell Group Limited for €31 million.
Distell Group is South Africa’s leading producer of wines, spirits and ready-to-drinks (RTDs). The transaction is subject to the approval of the South African regulatory authorities.
The transaction includes a distribution agreement covering France, Belgium, Switzerland and Luxembourg. Current distribution arrangements in the other countries will remain in place for a transition period, the company said.
This disposal is part of the non-strategic assets disposal plan communicated after the Vin & Sprit acquisition.
Distell Group is listed on Johannesburg Stock Exchange (JSE). It employs over 4200 people and has an annual turnover in excess of €700 million.
[comments]
MORE STORIES ON PERNOD RICARD
Pernod Ricard announces management shake-up – 22/01/09
Pernod Ricard “˜outstanding’ full-year results buoyed by strong sales growth – 18/09/08
