Sep 2006 Financial News

Angostura holds bigger stake in Belvedere

Sep 27, 2006

ANGOSTURA'S SHAREHOLDING in Belvedere SA has increased to 46.97 per cent.

In fact, together with shares already held by other companies in its spirits group including CL World Brands and CL Financial - its total shareholding has reached 68.4 per cent.

Angostura said that the cost of the transaction amounted to Euro 165 million, and was financed primarily through the proceeds of its sale in September 2005 of Cruzan International Inc internal and other borrowings.

"Belvedere SA is a Paris based listed holding company and a major producer of quality vodkas and wines with a strong market positioning in Poland and other parts of Eastern Europe.

"This recent offer to Belvedere shareholders follows the finalisation of the 100 per cent shareholding acquisition in July 2006 by Belvedere of Marie Brizard SA, another Paris based listed group involved in the production and marketing of cordials, liqueurs, Scotch whisky, wines and juices with a growing international distribution network, in a deal worth in excess of Euro 400 million."

The combined Belvedere and Marie Brizard operations for 2005 on a pro forma basis, reported sales of Euro 843 million and net operating profits of Euro 36 million.

Angostura added: "Over the next few months, the Group will be further strategising on a number of key initiatives, including the extraction of core marketing and distribution synergies and the creation of further value for our brands through our global networks.

The Trinidad Express
Business Magazine
Wednesday, September 27, 2006.
http://www.trinidadexpress.com/index.pl/article_business_mag?id=161020732