SWEDEN: Fortune offers below V&S asking price for stake

By just-drinks.com editorial team | 16 May 2008

Fortune is believed to have offered US350m for Vin & Sprit's 10% stake in Beam Global, according to reports.

V&S spokesman Jacob Broberg told Reuters its company wanted $1.1bn, which would include "a few $100s (of millions)" in debt.

"V&S paid $375m when bought and we have since invested $153m. "The firm is significantly bigger now," Broberg told the news agency.

On Monday Fortune applied for an injunction to stop V&S from going ahead with plans to transfer the Beam stake to the Swedish government following its acquisition by France's Pernod Ricard for $8.3bn, agreed in March.

Pierre Pringuet, Pernod managing director, told Reuters, the dispute should not affect the purchase of V&S. "It has been very clear from the beginning that these shares were excluded from our own transaction," he told Reuters on the sidelines of a conference.

"There is no connection with Pernod Ricard or the transaction and I see no reason why it should have an impact on the process," Pringuet said.

V&S were unavailable for comment when contacted by just-drinks today (16 May).

Sectors: Spirits, Wine

Companies: Pernod, Beam Global, Ricard