The French wines and spirits group Remy Cointreau has received the approval of French stock market watchdog COB to buy back up to 8.85% of its share capital, the company announced yesterday.

The buyback will occur at a price of up to €65 (US$63.6) per share and may be carried out until March 2, 2004. The company's general shareholders' meeting will vote on the buyback on September 3, 2002.