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Pernod Ricard to sell Vin & Sprit

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09:57 CEST+02:00
French alcohol group Pernod Ricard, which last year purchased the Vin & Sprit (V&S) group from the Swedish state for 55 billion Swedish kronor ($8.88 billion), has announced it intends to keep Absolut Vodka but will sell off the rest of the Swedish drinks group.

The list includes factories and brands such as Explorer, Renat and Blossa glögg, as well as around 40 wine labels, including one of the group's largest, Chill Out, reports Dagens Nyheter newspaper.

The other brands have a total turnover to 900 million kronor ($127 million), while Absolut contributed 2.8 billion kronor ($396 million) to the group's operating profit.

Pernod Ricard never intended to maintain ownership of the entire V&S group following the purchase from the Swedish government in 2008. But the sale has been delayed by one of the company's lenders, which wants to reduce Pernod's debt following the multi-billion kronor deal.

Possible new owners include Ratos and Finnish Altia. The sale is expected to be completed during the autumn.

Dagens Industri business daily reported that the purchase price is likely to be lower than it was last year prior to the financial crisis.

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