TAITTINGER CHAMPAGNE RETURNS TO THE FAMILY
According to sources, the Taittinger family once again controls Taittinger champagne house. French bank Crédit Agricole du Nord Est, along with several members of the Taittinger family, signed an agreement on Wednesday (May 31) to buy Taittinger Champagne from Starwood Capital Group for almost $850 million.
"The quality and number of offers Starwood received is a tribute to the outstanding work accomplished through generations by the Taittinger family," said Starwood CEO Barry Sternlicht, in a statement.
The 38 Taittinger heirs sold Groupe Taittinger SA to Starwood last summer after they were faced with growing debt, hoping to eventually buy back the Champagne division.
Starwood began taking bids for the Champagne house in March and by mid-April had narrowed the list down to about six possibilities, all of whom had offered roughly $650 million. UB Group reportedly dropped out of the running when asked to increase its bid “unjustifiably high", and also complained about remarks that were made concerning India's failure to respect appellation names like Champagne.
"The quality and number of offers Starwood received is a tribute to the outstanding work accomplished through generations by the Taittinger family," said Starwood CEO Barry Sternlicht, in a statement.
The 38 Taittinger heirs sold Groupe Taittinger SA to Starwood last summer after they were faced with growing debt, hoping to eventually buy back the Champagne division.
Starwood began taking bids for the Champagne house in March and by mid-April had narrowed the list down to about six possibilities, all of whom had offered roughly $650 million. UB Group reportedly dropped out of the running when asked to increase its bid “unjustifiably high", and also complained about remarks that were made concerning India's failure to respect appellation names like Champagne.
posted at 10:02 AM
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