FRANCE: Taittinger family regains Champagne control
Taittinger has returned under family control.
The Taittinger family confirmed today (18 December) that it is participating in a management buy-out of the French Champagne house from current owners, French bank Credit Agricole.
The family, led by chief executive Pierre-Emmanuel Taittinger, has teamed up with ten of France's wealthiest families to conduct a management buy-out of the Champagne business.
The company was bought two years ago by US private equity firm Starwood Capital, which subsequently sold the wine side of Taittinger to Credit Agricole in June last year.
India's UB Group, which was pipped to the purchase by Credit Agricole, settled for Bouvet-Ladubay, a French wine subsidiary of Groupe Taittinger, which it also bought in June 2006.
After the buy-out, the family will control 41% of the equity and 47% of voting rights, while the other ten families will invest with them in the business in exchange for 22% of the equity with rights over 33% of the votes.
The deal includes arrangements that allow the Taittinger family to eventually buy up more shares until they have voting control.
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