BELVEDERE SELLS ASSETS TO ORANGINA GROUP

Belvedere is planning to sell its Pulco and Sirop Sport businesses to Orangina Group for $243 million. The move will not only reduce debt but will be followed by the sale of assets in Poland and Florida and plans to accelerate expansion in the US, France and Russia.

In addition, the group is launching a private placement of shares currently held by CL Financial after the majority shareholder decided to sell its stake due to disagreements with Belvedere's founding families. The Rouvroy and Trylinski families have until the end of July to exercise a buy option on the stake.