US/FRANCE: Brown-Forman silent over Remy Cointreau bid speculation
The company has struggled of late
Brown-Forman has declined to comment on speculation it is eyeing a bid for Remy Cointreau, while shares in the French group have been boosted by the rumours.
Financial blog Betaville claimed yesterday (3 April), based on anonymous sources, that Brown-Forman has been working with a “few” investment banks with a view to acquiring Remy. “Tentative” discussions have also been held between banking advisers of both companies, the blog claimed.
In a statement to just-drinks today, a Brown-Forman spokesperson said: “We don't comment on or respond to rumours or reports about acquisitions, divestitures or other financial matters.”
Nobody from Remy Cointreau was immediately availabile for comment.
Shares in Remy initially soared by up to 10% today, but are now trading up 3.86% at EUR61.42.
In January, the French group reported a 12% drop in nine-month sales, blaming the slowdown for international spirits in China. The company had previously issued a profits warning off the back of its first-half results.
The group's CEO quit in January after only three months in the job. The role is currently being filled by chairman François Hériard Dubreuil on an interim basis.
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