LVMH’s Moet Hennessy swallows Glenmorangie

21st October 2004, Comments 0 comments

LONDON, Oct 20 (AFP) - Moet Hennessy Investissements, a subsidiary of the French luxury group LVMH, said Wednesday it had agreed to terms with Scottish whisky producer Glenmorangie for a GPB 300 million (USD 545 million) bid for the company.

LONDON, Oct 20 (AFP) - Moet Hennessy Investissements, a subsidiary of the French luxury group LVMH, said Wednesday it had agreed to terms with Scottish whisky producer Glenmorangie for a GPB 300 million (USD 545 million) bid for the company.

"This is a very good deal for our shareholders and employees," said Glenmoragnie chairman Keith Edelman.

"Under the ownership of Moet Hennessy, Glenmorangie will continue to realise the full potential of the Glenmorangie, Ardbeg and Glen Moray brands."

Added Moet Hennessy chief executive Christophe Navarre: "Glenmorangie is a fine whisky, a growing brand and a strong company.

"It will be a fitting companion for Moet et Chandon, Hennessy and our other prestige brands."

The Moet Hennessy announcement came after French wine and spirit supplier Pernod Ricard said it was no longer bidding for Glenmorangie.

A report last month in the Sunday Times said Glenmorangie, put up for sale by its controlling family, had short listed six potential buyers, including the French drinks company.

© AFP

Subject: French News

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