Remy Cointreau has sold 5.7% of its capital. The French Champagne, Cognac and liqueur maker said today that it and controlling shareholder Orphar had unwound equity swaps resulting in the sale. The 2.56m shares were sold to institutional investors on the international markets.

In a statement, Remy Cointreau said: "This additional disposal is part of the debt reduction programme set up by the group."

Credit-Agricole Indosuez-Credit Lyonnais and Societe Generale were sellers and joint bookrunners for the transaction.

The French company is due to release its next earnings statement, covering the year to 31 March, on 10 June.