Dez 01

FRANCE: Remy Cointreau updates on Champagne sale

Tag: Weingütersigi.hiss @ 09:17 editorial teamRemy Cointreau has said that it expects offers for its Champagne business before the end of 2010.

Remy Cointreau expects Champagne bids by end of 2010
Remy Cointreau expects Champagne bids by end of 2010

The group’s director-general, Jean-Marie Laborde, told journalists in Paris today (30 November) that preliminary offers for the Piper-Heidsieck and Charles Heidsieck Champagne business are expected by the end of the year. He said interest in the division has been strong.

Remy announced earlier this month that it had appointed the investment arm of Credit Agricole bank to organise an auction for the Champagne division. The group told just-drinks that the Champagne arm was „not profitable enough“.The company’s half-year results, released today, underlined its point. Champagne remained in the red for the six months, reporting operating losses of EUR2.8m versus losses of EUR3.5m a year earlier, despite recovering some of the sales lost in 2009.

Analysts believe that private equity firms could be frontrunners to acquire the business, which may sell for between EUR200m and EUR300m. Diageo has ruled itself out of the bidding, while Pernod Ricard’s CEO, Pierre Pringuet, has been quoted this month as saying that the group is not seeking further Champagne brands. Meanwhile, several rival Champagne houses, such as Vranken Pommery Monopole and Laurent Perrier, are focused on paying down debt.

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