Printer Friendly

IDV AND REMY COINTREAU

 IDV AND REMY COINTREAU
 FARMINGTON, Conn., Jan. 17 /PRNewswire/ -- International Distillers


& Vintners, the drinks sector of Grand Metropolitan PLC, confirms that it has given formal notification to the shareholders of Remy Cointreau of the exercise of IDV's option to sell its equity in Remy Cointreau to the controlling shareholders.
 IDV acquired those shares as a trade investment in Remy Martin and subsequently, following the merger of the Cointreau companies and Remy Martin, IDV's investment became around 20 percent of Remy Martin and Cointreau.
 Since the original investment, IDV has made important strategic moves with the acquisition of its distributors in Spain, with the establishment of a joint venture with Nikka in Japan and with the recently announced intention to purchase Cinzano. As a result of IDV's arrangements to acquire Cinzano and the exercise of the option to sell its equity in Remy Cointreau, IDV will have achieved full management control of its distribution in the important European markets of Spain, Germany, France and Italy. For its part, Remy Cointreau has decided to maintain its own independent distribution representing a broad portfolio of brands.
 George Bull, chairman of IDV, said: "We originally acquired this shareholding as a trade investment with the medium term objective of creating commercial benefits for both IDV and Remy Cointreau.
 "It became apparent that within the exactly matching strategies of the two companies to control their own distribution networks, the retention of the shareholding no longer served a useful purpose. In consequence it is in the best financial and trading interests of IDV to exercise its option to dispose of its shareholding in R.C. Investissement. That done, and following the recently announced intention to acquire Cinzano, IDV will have a wholly owned distribution network in all the major EC markets well in advance of 1993.
 "I am delighted to say that we remain firm friends with Remy Cointreau and expect to announce details of continuing trading arrangements in the near future."
 The terms of the transaction, which are not being disclosed, are not material to Grand Metropolitan PLC shareholders' funds.
 Grand Metropolitan PLC, one of the largest international companies in the United Kingdom and a world leader in drinks, retailing and food, has sales of more than $15 billion. U.S. subsidiaries include ALPO Petfoods, Burger King, Carillon Importers, Haagen-Dazs, Heublein, The Paddington Corporation, Pearle, Inc., Pillsbury, and GrandMet Foodservice USA.
 -0- 1/17/92
 /CONTACT: Peter Seremet of GrandMet, 203-678-6668/ CO: Grand Metropolitan PLC ST: Minnesota IN: FOD SU:


AL -- MN010 -- 1035 01/17/92 13:48 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 17, 1992
Words:423
Previous Article:NEWCOR ANNOUNCES STOCK PURCHASE
Next Article:R.P. SCHERER APPOINTS NICOLE WILLIAMS EXECUTIVE VP AND CFO
Topics:


Related Articles
Remy Cointreau Assigned Standard & Poor's BB- Corporate; B+ Senior Unsecured Debit Rating
Remy Cointreau USA has signed an exclusive distribution deal with National Distributing Company (NDC), which names NDC the exclusive distributor for...
Bacardi, Brown-Forman, and Remy Cointreau Expand Distribution Alliance.
Xavier Desaulles.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters