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Pernod ditches minor brands
Pernod Ricard has freed itself up to focus on “priority brands” with the €103 million disposal of several aquavit and bitter brands.
The group today confirmed an agreement with Arcus-Gruppen for the sale of its Danish aquavit brands Aalborg and Brøndums, as well as German brand Malteserkreuz Aquavit and Danish bitter brand Gammel Dansk.
The deal, which remains subject to approval from the competition authorities, also includes the sale of the Aalborg production plant in Denmark. The sale is expected to be completed by the third quarter of financial year 2012/13.
Pernod Ricard closed its books for the 2011/12 year at the end of June and is due to announce results in August.
Although the French group has said it is not looking for any “transformational” acquisitions, this latest sale combined with its successful debt reduction following the 2008 takeover of Vin & Sprit may free up the company to move if the right deal appears.
Only just over a month ago Pernod signed an agreement to acquire HiteJinro’s stake in its Pernod Ricard Korea Imperial for a cash payment of €48m, giving the company full control in a growing market.