USA: Authorities clear the path for JBB Absolut deal
JBB has announced that the $645 million deal is expected to close within the quarter after the waiting period for the US Federal Trade Commission review the transaction expired.
JBB owners Fortune Brands has previously announced that it expects the strategic partnership will increase its earnings per share by 6 to 8 cents in 2001 and by at least 20 to 25 cents per share in 2002 and beyond.
Under the agreement, JBB and V&S will create a joint venture for the US distribution of the companies' spirits and wine brands, including Absolut vodka, Jim Beam and Knob Creek Bourbon, DeKuyper cordials and Geyser Peak wines.
Upon closing, Vin & Sprit will pay $270m for access to the JBB distribution network and to acquire a 49% stake in the jointly owned US distribution subsidiary, Future Brands LLC. Vin & Sprit will also purchase a 10% equity interest in JBB Worldwide for $375m and will hold an option to increase its equity stake by up to an additional 9.9% over the next few years.
The companies expect that closing of the US partnership will coincide with closing of the related agreement under which V&S will invest 107m Euros ($121.5m) to become an equal partner in the Maxxium international distribution joint venture. JBB, Remy Cointreau and Highland Distillers established Maxxium in 1999.
Remy Cointreau has posted a drop in full year net profit in spite of increasing revenues....
Remy Cointreau has signed a five-year credit facility for around €500m....
Remy Cointreau has gone to holders of one of its bonds to gain permission to complete the sale of its stake in Bols....
V&S Absolut Spirits has opened a new distillery in Nöbbelöv, just outside Åhus....
US consumer goods group Fortune Brands has declared a regular dividend of 33 cents per share on the Common Stock, payable in cash on June 1, 2005, to stockholders of record at the close of business Ma...
Remy Cointreau has posted a slight rise in revenue growth for fiscal year 2005....
The Polish unit of Remy Cointreau has pulled out of the race for a majority stake in Polmos Bialystok....
Central European Distribution Corporation (CEDC) has revealed plans to enter into a strategic alliance with Remy Cointreau....
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