CANADA: Corby, Pernod deal faces delay
The two companies came to an agreement ealier this year regarding the Canadian representation of Pernod's brands, production of Corby-owned brands, an exchange of certain assets and a combined strategic approach to the Canadian market. At the time, the two said that the deal would close on 2 July.
However, Corby said yesterday (29 June) that the transaction would now close on 29 September, "for administrative purposes".
The C$105m (US$91.2m) agreement will see Corby gain representation of Pernod's brands in Canada by selling its 45% stake in Tia Maria to the French drinks giant. Corby will continue to represent Pernod's brands in the country for up to 15 years and take over the management of Pernod's Canadian business interests.
Pernod will continue producing Corby's owned-brands at its production facility in Walkerville, Ontario, while Corby will acquire the international rights to Lamb's Rum and the Canadian rights to Seagram's Coolers as part of the deal.
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