Another “hit” Italian in France: Campari acquires Grand Marnier. Operation to 684 million – Il Sole 24 Ore

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This article was published March 15, 2016 at 08:35 hours.
the last change is the March 15, 2016 at 12:43.

Brindisi with Grand Marnier home Campari. The company this morning announced that it has reached an agreement to acquire control of the French Société des Produits Marnier Lapostolle S.A. (SPML), founded in 1827, and known for its cognac brand flavored with orange. This is the second Italian acquisition in France in a few days last week had been Lavazza to announce that it has detected Carte Noire.

“With the acquisition of Grand Marnier, we continue to implement our acquisition strategy in a very disciplined and consistent, financially and otherwise, as we consolidate a generation and a high-margin brand cash, which we expect to have an immediate accretive effect on existing business, “he said in a note Bob Kunze-Concewitz, Chief Executive Officer of Gruppo Campari.
the SPML operation, worth 684 million euro, it is rather complex and also includes the launch of public Offer of purchase (Opa) of Marnier Lapostolle in order to remove the company from the Paris list.

In detail the tender offer will be at a price of € 8,050 per share in cash (which implies a premium of 60.4% over the current share price), plus an earn-out relating to the potential sale of a real estate property in St. Jean Cap Ferrat (France) of SPML properties. Excluding the effects of the sale of real estate properties and related earn-out, the total implied Equity Value for 100% of SPML will be € 684 million, while the total implied enterprise value for 100% of SPML will be € 652 million.
The time is fast, very fast. “We expect to close the transaction” that will lead to the control of Grand Marnier ‘by the end of June, “said Bob Kunze-Concewitz, CEO of Campari during the conference call with analysts, stating that the documents for the takeover bid for SPML , they will be presented today. “We will launch the tender offer after we got the green light Antitrust and we expect that this will happen soon enough. Then we will launch the tender offer “aiming to close” by the end of the first half, “he then explained the CFO Paolo Marchesini, then – he added -” we think that from July onwards we will be in a position to consolidate “the acquired company,” but also depend on the competent authorities. “

Grand Marnier is preparing to enter into a global priority brand portfolio of Gruppo Campari” reshaping, strengthening and enriching the premiu the offering. In addition, the brand allows Campari to further capitalize on the phenomenon of rediscovery of classic cocktails, in particular the United States. ” And this will happen because, simultaneously with the start of the purchases of SPML shares by Campari, it also begins the exclusive distribution of Grand Marnier in the world, with a contract that will be effective July 1, 2016 and will remain valid for a period five and a half years until 31 December 2021. the initial agreement will be renewable for additional periods of five years after 2021.
the market toasts in turn to the agreement: + 1.4% Campari around at noon at the Milan Stock (-1% the Ftse Mib) while SPML remain suspended in Paris.

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