FRANCE: Credit Agricole to buy Taittinger - report
French bank Credit Agricole is on the verge of taking 100% control of Taittinger's Champagne and wine interests from new owner Starwood, La Tribune reports.
According to the report, the takeover bid is being driven by certain members of the founding family.
The interests in question include Taittinger Champagne, Californian wines and trading activities in the Bordeaux and Val-de-Loire winemaking regions.
The report quotes a source close to the takeover bid who estimates the proposed deal at around €450m.
At a later stage, Credit Agricole is expected to relinquish ownership of the Champagne house in proposing to all members of the Taittinger family that they participate in the takeover. The report adds that the bank is looking to associate Claude Taittinger, the former president of Champagnes Taittinger in the project.
A Credit Agricole-backed purchase would suit all members of the Taittinger family who would prefer to see the Champagne business sold to a French family firm with roots in the Champagne region, the source added.
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