ITALY: Frescobaldi buys out Constellation - report
Frescobaldi has bought out Constellation from its joint venture, according to press reports. Decanter said on Tuesday (5 April) that the Tuscan producer has acquired the remaining 50% of shares in Ornellaia and now owns the Bolgheri estate outright.
Constellation inherited the holdings in two Italian joint ventures with the Frescobaldi family, Luce della Vita and Ornellaia, when it acquired the Robert Mondavi Corporation late last year. Frescobaldi took control of Luce last month, Decanter noted.
The family exercised the 'option to buy clause' in the original contract between the two companies which stated that if either party sold its share of the wine business, the other would have the option to take full control, Decanter said
"I can happily confirm that we have just taken full control of Ornellaia," the head of Frescobaldi, Vittorio Frescobaldi told the magazine's Website. "We can now guarantee the continuity of the estate and its role as a producer of high quality wines."
Financial details were not disclosed.
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