|Bright Food to buy control of DIVA Bordeaux|
|Written by Chris Mercer|
|Monday, 25 June 2012 13:56|
Bright Food has become the latest Chinese investor in French wine, after agreeing to buy a controlling share of DIVA Bordeaux.
A subsidiary of China-based Bright Food, Shanghai Sugar Cigarette and Wine (SSCW), will take a 70% stake in DIVA Bordeaux, the two companies announced today (25 June). The move is expected to improve DIVA's international presence in fine wine trading.
It is the latest display of Chinese investors' affection for Bordeaux, despite recent falls in the prices many are prepared to pay for wines from top chateaux.
As part of the deal, DIVA's founder and president, Pierre Beuchet, and its MD, Jean-Pierre Rousseau, will retain their positions for a minimum five years. They will also continue to hold the remaining 30% of the business.
However, SSCW will appoint a chairman to a new supervisory committee to oversee operations, which will include plans to broaden the negociant's supply base.
Rousseau said: "The partnership with SSCW will allow DIVA Bordeaux to enter a new stage in its development and strengthen its capital, by opening new possibilities in the most dynamic markets in the world."
He added that DIVA is considering how to target a Bordeaux wine specifically at the Chinese market. Within the deal, the two companies will also establish a consumer wine school in China.