FRANCE: Pernod to sell Seagram spin offs within a year

Patrick Ricard, Chairman of French drinks group Pernod Ricard, said on Friday that the company hopes to have sold its unwanted Seagram "venture assets" within a year.

"We are going on to prepare and we are going to move very fast, we have one year to get rid of the venture assets," Ricard told just-drinks.com.

Pernod Ricard has made it clear it wishes to sell, Sandeman (Seagram's Port and Sherry business), Four Roses Bourbon and Passport Scotch Whisky.

Ricard said that the company had had interest for all the brands from the Seagram sale, even before the joint Diageo/Pernod Ricard package was announced as the successful bidder.

But Ricard would not be drawn on whom the interested parties might be.

He said: "There were a lot of people writing to us even before we were the confirmed buyer." But, referring to the wait for competition authority approval Ricard said: "We will not sell anything before we are the full owners."

He hinted that Pernod might have wanted to keep Four Roses Bourbon, saying: "We already have Wild Turkey, and we are not that big so we have to make choices, there has to be some limit. Life is choice."

Ricard also announced that under the financing agreement Pernod Ricard has struck to help acquire Seagram, the company has up to two years to dispose of its own non-core assets. These include its fruit preparation and soft drinks division and its UK distribution company BWG.

However, Ricard said: "We have up to two years but when everyone in the business knows they are for sale the faster it is the better it is."