US: Court dismisses Fortune V&S injunction - report
By just-drinks.com editorial team | 20 May 2008
A New York court has dismissed Fortune Brand's claim for an injunction to prevent the transfer of a minority stake in its Beam Global Spirits & Wine unit to the Swedish government by Vin & Sprit, according to reports.
The court denied the claim, citing the ongoing written price negotiations over the 10% stake that V&S plans to sell to Fortune in preparation for its sale to Pernod Ricard, the Svenska Dagbladet reported today (20 May).
V&S is believed to have asked for US1.1bn while Fortune, which owns the remaining 90%, has offered to pay $350m, according to written exchanges between the companies reported by the newspaper.
Representatives for both companies met in London on Friday when they let an independent third-party assess a value for the Beam shares, according to the newspaper.
A decision on a separate but similar court action filed by Fortune in Sweden is expected later today, according to the newspaper.
Companies: Beam Global, Pernod, Ricard
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