FRANCE: LVMH denies Moet Hennessy sale plan - report
LVMH says Moet Hennessy not for sale
The owner of Moet Hennessy, LVMH, has denied that it has any intention of selling the wine and spirits division to Diageo.
Speculation that Diageo could buy the 66% of Moet Hennessy that it does not already own has returned to the fore in the last couple of weeks. However, an LVMH spokesperson told Reuters yesterday (21 October) that there was no plan to sell up.
Diageo has previously declared an interest in Moet, the owner of Hennessy Cognac, Moet & Chandon Champagne and Glenmorangie and Ardbeg Scotch whiskies. Diageo's 34% stake in the firm is the drinks giant's only current route into Asia's fast-growing Cognac market and also the Champagne sector.
However, analysts do not believe that LVMH's chairman, Bernard Arnault, has the desire or the need to sell. "Diageo would love to do it, but LVMH isn’t going to sell," one analyst told just-drinks. "The MH activities are profitable and diversify LVMH’s total business."
To read just-drinks' comment on the Diageo, Moet Hennessy speculation, click here.
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