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Written by Nigel Huddleston
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Wednesday, 01 April 2009 |
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Pernod Ricard has continued its sell-off of brands bought in the acquisition of Vin & Sprit from the Swedish monopoly, with an agreement to dispose of Gronstedts Cognac to Finnish drinks group Altia.
The deal is subject to regulatory approval.
Gronstedts had originally been lined up for a sale to Norway's Arcus group, but the European Commission expressed concern over the combined market share in Sweden of Gronstedts and the Arcus-owned Braastad Cognac brand, forcing Pernod to seek a new buyer.
Altia chief executive officer Antti Pankakoski said: "It supports our strategy by giving Altia a wide channel towards the HORECA market, especially in Sweden.
"The brand also has a great opportunity in other Altia home market countries."
Gronstedts will join the portfolio of Wennerco in Finland, while German border trade will be managed by Altia Denmark.
But the EC did rubber-stamp the pending Arcus acquisition of Star gin, Red port and Dry anis from Pernod, and all three acquisitions have now been completed.
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