Remy Cointreau sees no acquisitions on the horizon

Remy Cointreau sees no acquisitions on the horizon

Remy Cointreau has handed out shares worth EUR20.3m (US$27.4m) to its staff because of a lack of upcoming acquisitions.

The French group said yesterday it will give 20% of the 1,428,794 treasury shares it has accrued in a buyback programme to employees. The remaining shares were reallocated to the cancellation of shares as part of a share capital reduction plan.

Explaining the staff windfall, Remy said it was because of “the absence of acquisition projects in the foreseeable future funded by existing shares”.

Remy paid GBP58m (US$90.3m) for Scotch whisky maker Bruichladdich in September last year.