LVMH Also Not to Bid on Absolut; Says Recession Shmession
The chairman of LVMH, Bernard Arnault, said that his luxury goods group has “no offer” for vodka brand Absolut, making him the second spirits company this week to say they aren’t game (Diageo being the first). In fact, Bernard says that LVMH doesn’t have any acquisition plans at the moment, and doesn’t plan to have any unless he gets an “irresistible” offer.
Moreover, he said that a mild recession in the US was not likely to hurt LVMH, since most of their customers are affluent and therefore more immune from a downturn. He said recession would have a “limited -- even non-existent” impact on the group, says Reuters.
EDRINGTON GETS INTO THE GROG
The Scotsman reports that the owner of The Famous Grouse has entered the rum market through the takeover of the Dominican Republic's leading brand, in a deal believed to be worth more than $500 million. Edrington has acquired an 83% majority stake in the Brugal Company. It plans to widen Brugal's presence internationally.
CONSTELLATION PUTS 3 BEAM WINERIES ON THE BLOCK
Constellation is said to already be flipping its Beam Estate wineries which it just purchased in December, says the San Francisco Business Times, citing the Wine Market Report. The deal reportedly includes Geyser Peak, Buena Vista Carneros and Gary Farrell wineries, along with 1,000 acres of Sonoma County vineyards. Constellation had purchased the Sonoma wineries late last year as part of the $885 million Beam Wine Estates deal from Fortune Brands, along with Geyserville's Clos du Bois and Wild Horse.
Mike Martin, a Constellation spokesman, told the S-F Business Times the company doesn't comment on rumors or speculation in the marketplace, but "having said that, certainly we don't rule out looking at any transaction related to acquisitions or dispositions."
This news comes on the tail of Constellation’s plans to sell the Almaden, Inglenook, and Paul Mason Winery to The Wine Group for $134 million. This meshes with Constellation’s strategy to get out of the jug wine business and focus on the high end.
DISTINCTIVE WINE & SPIRITS TO BE BOUGHT BY SOUTHERN
Southern Wine & Spirits yesterday announced that The Charmer Sunbelt Group and Southern have cut a deal by which CSG's Chicago, Illinois-based Distinctive Wines & Spirits is to be acquired by Southern. The transaction is scheduled to close on or about March 31, 2008; no financial details were released.
“Hollywood is a place where people from Iowa mistake each other for stars.”
-Fred Allen
--------- Sell Day Calendar ----------
Today’s Sell Day: 6
Sell days this month: 21
Sell days this month last year: 20
This month ends on a: Fri.
This month last year ended on a: Wed.
YTD sell days Over/Under: 0
Moreover, he said that a mild recession in the US was not likely to hurt LVMH, since most of their customers are affluent and therefore more immune from a downturn. He said recession would have a “limited -- even non-existent” impact on the group, says Reuters.
EDRINGTON GETS INTO THE GROG
The Scotsman reports that the owner of The Famous Grouse has entered the rum market through the takeover of the Dominican Republic's leading brand, in a deal believed to be worth more than $500 million. Edrington has acquired an 83% majority stake in the Brugal Company. It plans to widen Brugal's presence internationally.
CONSTELLATION PUTS 3 BEAM WINERIES ON THE BLOCK
Constellation is said to already be flipping its Beam Estate wineries which it just purchased in December, says the San Francisco Business Times, citing the Wine Market Report. The deal reportedly includes Geyser Peak, Buena Vista Carneros and Gary Farrell wineries, along with 1,000 acres of Sonoma County vineyards. Constellation had purchased the Sonoma wineries late last year as part of the $885 million Beam Wine Estates deal from Fortune Brands, along with Geyserville's Clos du Bois and Wild Horse.
Mike Martin, a Constellation spokesman, told the S-F Business Times the company doesn't comment on rumors or speculation in the marketplace, but "having said that, certainly we don't rule out looking at any transaction related to acquisitions or dispositions."
This news comes on the tail of Constellation’s plans to sell the Almaden, Inglenook, and Paul Mason Winery to The Wine Group for $134 million. This meshes with Constellation’s strategy to get out of the jug wine business and focus on the high end.
DISTINCTIVE WINE & SPIRITS TO BE BOUGHT BY SOUTHERN
Southern Wine & Spirits yesterday announced that The Charmer Sunbelt Group and Southern have cut a deal by which CSG's Chicago, Illinois-based Distinctive Wines & Spirits is to be acquired by Southern. The transaction is scheduled to close on or about March 31, 2008; no financial details were released.
“Hollywood is a place where people from Iowa mistake each other for stars.”
-Fred Allen
--------- Sell Day Calendar ----------
Today’s Sell Day: 6
Sell days this month: 21
Sell days this month last year: 20
This month ends on a: Fri.
This month last year ended on a: Wed.
YTD sell days Over/Under: 0
posted at 5:17 AM
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