Blog: Taittinger best in French hands
Olly Wehring | 6 June 2006
Champagne corks were popping last week after it was announced that one of the most famous names in the region was to remain in family hands.
Last week, French bank Crédit Agricole finally bought Taittinger after a long-running and closely fought auction in a deal worth around EUR660m (US$846m). The bank was understood to have teamed up with Taittinger family members including Pierre-Emmanuel Taittinger, the firm’s deputy managing director and grandson of the company’s founder.
Crédit Agricole’s bid for Taittinger trumped seven other offers, including one from India’s UB Group. The Indian press bemoaned France’s “economic patriotism” for scuppering the UB bid, while a company spokesperson labelled the winning bid as “crazy”.
True, France has, let’s say, closely protected its companies from foreign predators. Think back to last year when the French government called for drinks and dairy group Danone to remain in French hands after rumours that PepsiCo was to table a hostile bid.
However, in the case of Taittinger, union officials were right to voice their concern over a successful UB bid. It had little to do with nationality but more to do with the Indian group’s complete lack of experience overseas, let alone in Champagne. True, the company has built a robust brewing and spirits empire in India but aside from a distillery in Nepal, UB does not have a presence abroad and it would have been a gamble to say the least for it to own the world’s sixth-largest Champagne house as its first significant overseas asset.
This weekend, Bacardi is hosting a three-day music event on the private island of Palomino just off the coast of Puerto Rico....
Warmest thanks to all of you who filled in our annual readers' survey this month. The results are very important for us to learn from and look to improve our service to you....
Today's news that German spirits firm Mast-Jägermeister has joined UK responsible drinking organisation The Portman Group may raise eyebrows in some quarters....
Whisk(e)y companies spend a lot of money and effort ageing their products for that premium taste....
- Scotch's Slipping Crown: Convenient for Diageo?
- Comment - Has Scotch Whisky Jumped the Shark?
- Can Beer Learn from Keurig and Nespresso?
- just The Preview - Anheuser-Busch InBev's Q3 & YTD
- C&C Group 'puzzled' by Spirit Pub Co rejection
- Diageo partner Beckham turned down Beck's deal
- Whisky downturn slows Diageo's Scotch spend
- Mast-Jägermeister targets UK off-trade boost
- EXCLUSIVE - Mast-Jaegermeister, TWE join watchdog
- SABMiller announces management reshuffle
- Global Cognac insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- The IWSR Global Trends Report 2014
- Wine in the United Kingdom
- Diageo plc (DGE) - Financial and Strategic SWOT Analysis Review