Pernod Ricard has confirmed an agreement with Kirin Holdings over the Japanese company's stake in the French firm.

Pernod said today (14 August) that Kirin agreed late last week with Le Delos Invest 3 (LDI 3), which is owned by the Ricard family, to sell its shares in Pernod to LDI 3. Kirin holds 8.2m shares, representing around 3.7%, of the voting rights of Pernod.

"Kirin will no longer be part of the concert parties which exists notably with Société Paul Ricard with respect to Pernod Ricard, after the completion of such sale of its shares," the French company said.

LDI 3 now has five years in which to choose between physical-settlement of the 8.2m shares or cash-settlement to its counterparty.

Last week, Pernod confirmed the closure of its distribution deal with Kirin in Japan, after Kirin announced it was teaming up with Diageo in a joint venture company in the country.