US: Bacardi gets 42 Below shareholder nod
Bacardi has secured the purchase of New Zealand spirits company 42 Below.
The spirits giant confirmed yesterday (12 December) that it has received shareholder acceptance for the purchase, which will cost the company in the region of US$91m.
Having been given the okay from shareholders for 90% of shares of 42 Below, Bacardi said it plans to begin the compulsory acquisition of the shares for which it does not receive acceptances by Friday (15 December).
"Bacardi is thrilled to welcome 42 Below's young and innovative brands into our global portfolio of premium products," said Andreas Gembler, president and CEO of Bacardi. "With substantial investment, time and nurturing, these brands show long-term potential in the global spirits industry, especially in the growing Asia-Pacific region."
The head of 42 Below, Geoff Ross, added: "Bacardi has such an impressive track record of investing in and growing brands. We're so proud that these brands now have the opportunity to become what we always hoped for - global icons of New Zealand."
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