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France’s Pernod wins auction for V&S
France’s Pernod Ricard has won an auction to acquire Sweden’s Vin & Sprit, the maker of Absolut vodka, reports the WSJ. The details of the winning bid were not immediately clear but V&S, owned by the Swedish government, was expected to fetch as much as $7bn. Pernod beat Fortune Brands of the US to the bid after two other contenders, Bacardi and a Swedish buy-out group led by EQT, fell out of the running. An announcement is expected Monday. The FT cites Lehman analysts saying Pernod could raise up to $2bn ($3.2bn) from selling some wine assets, and could also sell some smaller European brands, to finance a purchase of Absolut.
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[…] Lehman analysts suggest Pernod could raise as much as $3.2 billion from selling some of its wine assets and could get rid of some of its smaller European brands to finance the purchase of Absolut, according to FT.com’s Alphaville. […]