REMY NOT FOR SALE, OR SO THEY SAY
What’s to come of Remy? Since announcing plans to pull out of the MAXXIUM venture by March 2009, the French wine and spirits group has risen almost 7% thanks to rekindled takeover speculation. However, the company explicitly denies any acquisition rumors.
"Remy is a group with a majority shareholder, both in terms of shares and voting rights, and we are not the target of a takeover bid," chairwoman Dominique Heriard Dubreuil stated. Her family has 55% percent of the capital and 62% of the votes in Remy Cointreau, but whether or not the family will vote to keep Remy independent is unclear.
Remy claimed once again that the decision to pull out of Maxxium would enable it to consider alternative distribution options in priority markets such as Asia – and nothing else.
Many analysts, however, seem certain that Remy will soon be the subject of a takeover bid. Possible interested parties? If Remy, or part of Remy, does come up for sale, many are speculating that Brown-Forman, Bacardi, Constellation Brands and Diageo are all possible contenders.
Quitting Maxxium removes a poison pill for any bidder, and could indicate that the family is prepared to explore other options.
In its first-half conference call, Remy said it will pay a $316.5 million pretax penalty payment in 2009 to its Maxxium distribution j-v partners (V&S, Edrington Group and Beam Global). First-half net profit rose 76.5%, while current operating profit rose 12.8%.
"Remy is a group with a majority shareholder, both in terms of shares and voting rights, and we are not the target of a takeover bid," chairwoman Dominique Heriard Dubreuil stated. Her family has 55% percent of the capital and 62% of the votes in Remy Cointreau, but whether or not the family will vote to keep Remy independent is unclear.
Remy claimed once again that the decision to pull out of Maxxium would enable it to consider alternative distribution options in priority markets such as Asia – and nothing else.
Many analysts, however, seem certain that Remy will soon be the subject of a takeover bid. Possible interested parties? If Remy, or part of Remy, does come up for sale, many are speculating that Brown-Forman, Bacardi, Constellation Brands and Diageo are all possible contenders.
Quitting Maxxium removes a poison pill for any bidder, and could indicate that the family is prepared to explore other options.
In its first-half conference call, Remy said it will pay a $316.5 million pretax penalty payment in 2009 to its Maxxium distribution j-v partners (V&S, Edrington Group and Beam Global). First-half net profit rose 76.5%, while current operating profit rose 12.8%.
posted at 1:17 PM
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