French wine and spirits giant Pernod Ricard has been granted approval by Polish authorities for its 80% stake in Polish vodka producer Polmos Poznan.

In a statement the company said that having met Polish legal requirements and gained approval from the relevant authorities, Pernod Ricard and the Polish Ministry of Privatisation have finalised the agreement on the sale of an 80% stake in Polmos Poznan to Pernod Ricard.

Patrick Head, chairman of Pernod said: "This brand completes our portfolio in a sector in which our global market share was small and becomes one of the important brands in our network."

The deal with Polmos Poznan, which produces brands such as Wyborowa, Lodowa and Premium cost an estimated US$70m.

Pernod also has a five-year deal with another Polish vodka producer, Polmos Bialystok for the European distribution rights to its Zubrowka vodka brand.

The World Market for Spirits 2001