US/ITALY: Brown-Forman confirms Tuaca deal terms

The US spirits group, Brown-Forman Corp., has confirmed that it has paid US$65.3m to acquire the remaining 55% which it did not already own in the Italian liquor producer, Distillerie Tuoni & Canepa. The company made the disclosure in a Form 10-Q filing with the Securities and Exchange Commission.

March 11, 2003

The US spirits group, Brown-Forman Corp., has confirmed that it has paid US$65.3m to acquire the remaining 55% which it did not already own in the Italian liquor producer, Distillerie Tuoni & Canepa.
The company made the disclosure in a Form 10-Q filing with the Securities and Exchange Commission.

Brown-Forman had already announced the acquisition but had not disclosed the financial terms of the deal. The company said at the time of its first announcement that the deal would not affect its EPS for the year to the end of April and reiterated this when it made the filing on Friday.

Distillerie Tuoni e Canepa is an Italian-based spirits company which produces the Tuaca Liqueur brand. Brown-Forman has been the distributor for Tuaca Liqueur in the US since 1999.