Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

V&S's Beam stake bought by Fortune Brands

Share this article

14:23 CEST+02:00
US spirits group Fortune Brands has bought Vin & Sprit 's 10 percent stake in Fortune's beverage unit, Beam Global Spirits & Wine, for 2.8 billion Swedish crowns ($464 million), the Swedish government said on Friday.

France's Pernod Ricard won a battle in March to buy V&S, the Swedish state-owned maker of Absolut Vodka, beating out Fortune, which produces Jim Beam bourbon and owns the rest of wine and spirits company Beam Global.

The 5.6 billion euro ($8.8 billion) Pernod deal did not include V&S's stake in Beam.

Fortune had been looking to exercise a clause allowing it to buy the V&S stake, although the sides had been unable to agree on a price.

Financial Markets Minister Mats Odell said in a statement that the government had now earned a total 58 billion kronor for the assets of V&S, which will go toward paying off national debt.

Sweden is in the midst of its largest-ever privatization of state assets, an effort the government hopes, will net 200 billion kronor over the course of its four-year mandate.

Pernod said on Wednesday it had closed the V&S acquisition.

"It (the Beam deal) is a good deal ... We are very pleased with it," Odell spokesperson Sarah Lundgren said.

Get notified about breaking news on The Local

Share this article

From our sponsors

The ‘fairytale' boarding school nestled in a Swedish village

The words ‘boarding' and ‘school' often summon images of strict teachers, drab dormitories and downcast children. That image couldn't be further from reality at Sigtunaskolan Humanistiska Läroverket (SSHL), where boarders describe the ‘fairytale' school as a home away from home.