Takeover rumours boost Rémy stock

30th May, 2014 by Neal Baker

Rémy Cointreau is enjoying a stock market lift after rumours of a €90-a-share takeover bid by Brown-Forman – the makers of Jack Daniel’s and Southern Comfort – raised the group’s share price by 3% to €67.

stock+marketAccording to reports by financial website thisismoney.co.uk, the generous offer was flatly rejected, but it is said that industry experts still believe Remy’s days of independence are numbered.

Remy’s shares were trading at €96 a year ago, but following a profit warning – a statement to shareholders signalling that predicted profits were not going to be met – the stock price plummeted to a low of €53.

The group, like many other spirits companies, has been badly hurt by a Chinese government crackdown on extravagant spending, with sales of the company’s flagship Cognac falling 32% in the final quarter of last year, following a 30% drop in sales during the third-quarter.

Cognac makes up 80% of Remy’s operating profits, and China was 50% of that total.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

ViVAS Wine - Category Development Manager

ViVAS
Harlow and Stowmarket or Salisbury, UK

Fine Wine Logistics Coordinator

IG Wines
London, GB

Brand Ambassador East Coast USA - Ableforth’s

Maverick Drinks
New York - field-based, USA

Brand Ambassador West Coast USA - Ableforth’s

Maverick Drinks
San Francisco / Los Angeles - field-based, USA

Global Travel Retail Manager

Maverick Drinks
London, UK

Portfolio Ambassador - Europe

Maverick Drinks
North West Europe - field-based, UK

Senior Partner Manager - Grocery

Maverick Drinks
London/Field Based, UK

Sales Executive

Woolf Sung Ltd
London

Trade Marketing Manager - Maverick Drinks

Maverick Drinks
London / Kent

Business Development Executive Central London

William Grant & Sons UK
London

The City Wine Show

London,United Kingdom
22nd Sep 2017

Almaviva 2015 Vintage and Vertical Tasting

London,United Kingdom
28th Sep 2017

TFWA World Exhibition & Conference

Cannes,France
1st Oct 2017
Click to view more

Global Chardonnay Masters 2017

Deadline : 29th September 2017

The Global Riesling Masters 2017

Deadline : 29th September 2017

Click to view more

Champagne Masters 2017

The only Champagne blind tasting in the UK, the competition will reward the best wines in the following categories:

The Global Rosé Masters 2017

With wines from the palest of pink to almost ruby red, bone dry to almost cloyingly sweet, reductively handled to barrel-aged, as well as gently spritzy to fully sparkling.

Click to view more