The French wines and spirits group Remy Cointreau has sold off its sold Societe Martiniquaise de Canne a Sucre business, which produces rhum Saint James.
The company said that in total during June and July it had sold off assets worth €65m. This will result in a capital gain of €25m in fiscal year 2003-2004, and will slightly enhance earnings, it said.
The other disposals include its Dutch wine distribution spinoff and the sale of wine-growing assets in the Cognac region.
The French group also said that it would be making annual savings of more than €5m, following the refinancing of its debt in June, through a €500m syndicated loan and a €175m bond issue.
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