US/E EUROPE: CEDC gets Russian Alcohol Group voting share okay
Central European Distribution Corporation has secured the go-ahead to take voting control of Russian Alcohol Group, having spent 2009 acquiring the company from private equity firm Lion Capital.
The US-based drinks company, which operates primarily in central and Eastern Europe, said last week that it has received approval from the Russian Anti-Trust Commission (FAS) to obtain voting control of Russian Alcohol Group.
Earlier last month, CEDC obtained the remaining equity interests in Russian Alcohol from Lion Capital, having commenced a public offering of 9.5m shares of its stock to raise finance for its acquisition a month earlier.
As a result of being granted approval from the FAS, CEDC plans to complete the voting share acquisition this month, after which it will own 100% of the economic and voting shares of the Russian Alcohol Group. Financial details behind the move were not disclosed.
"We are pleased to receive final approval and look forward to continuing to work with the Russian Alcohol management team to accelerate growth opportunities and integrate the Parliament business," said company president and CEO William Carey.
"With 100% ownership of both of our Russian vodka businesses we are now in a position to move ahead with full force and execute our integration strategy and we look forward to realising the benefits of these synergies in 2010."
In September last year, CEDC completed its acquisition of the remaining 15% stake in the owner of the Parliament vodka brand in Russia, Copecresto Enterprises.
Central European Distribution Corporation (CEDC) has agreed to sell its drinks distribution business in Poland to wholesale distributor Eurocash SA for PLN400m (US$138m) cash....
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