FRANCE: Family buy back into Taittinger - report
The Taittinger family has agreed to buy back a large stake in its namesake Champagne house, according to local reports.
Les Echos said late last week that the family will buy 37% holding in the company from new owners, French bank Crédit Agricole, who in turn bought the Taittinger wine operations from US private equity fund Starwood in July 2005. Crédit Agricole bought the wine side of the business from Starwood in June last year. The US company, meanwhile, kept hold of the hotel division of Groupe Taittinger.
Crédit Agricole's stake in the Champagne side of the group will fall to 20% and the family will have a blocking stake, which reports suggest would have cost at least EUR200m.
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