SWEDEN: Vin & Sprit silent on US$893m extraction payment claim
Vin & Sprit has declined to comment on claims that it may have to pay up to SEK6bn (US$893m) to extract itself from two distribution agreements, should it be sold by the Swedish government.
V&S holds a 25% interest in Maxxium, along with Remy Cointreau, The Edrington Group and Fortune. Remy Cointreau announced late last year that it will exit Maxxium in 2009 at a cost of around $318m to the French company.
At the same time, V&S has a 49% stake in a distribution joint venture with Fortune for the US market.
"The figure of SEK6bn was an assessment by a journalist, based on Remy's exit," a spokesperson told just-drinks today (12 September). "That figure did not come from us."
The spokesperson declined to comment on how much an early exit would cost V&S. "Our distribution agreements are confidential, and we can't comment further," the spokesperson added.
The Swedish government is considering options regarding state-owned V&S, including a possible sale. Among the potential parties lining up to buy V&S are Diageo, Pernod Ricard, Bacardi and Fortune, which is thought to be the front runner, thanks to the US distribution deal.
The top ten most visited stories on just-drinks this week:...
Maxxium has announced two appointments to its global travel retail team in the Nordic region....
Cobra Beer has appointed another former Beam Global Spirits & Wine employee, this time to fill the newly-created role of on-trade channel controller....
The proposed acquisition of Scottish & Newcastle by joint bidders Heineken and Carlsberg has raised anti-trust issue concerns following a referral from the Irish Competition Authority to the European ...
H. Weston & Sons has unveiled a new innovation for the on-trade cider category in the UK....
Southern Wine & Spirits of America has been granted a permit to operate in the US state of Texas....
Molson Coors has confirmed a number of executive changes at its Coors Brewers subsidiary in the UK....
Share coverage of C&C Group has been cut, despite the introduction this week of a draft version of the Irish company's Magners cider brand in the UK....
- The End of the Road for International Beer Brands?
- Allegro: The shape of things to come at Pernod?
- Comment - Another One Bites Bacardi's Dust
- Pernod Ricard's FY Performance by Region, Brand
- US craft vodka puts squeeze on Pernod's Absolut
- Mast-Jägermeister targets UK off-trade boost
- Pernod bemoans tough FY as sales, profits drop
- ASA bans Jägermeister TV ad
- Bacardi announces CFO switch
- SABMiller exec to become CFO at Beam Suntory