Absolut vodka sale propels Swedish privatisation project

0 Comments | AFP, April, 2008

STOCKHOLM (AFP) — Sweden's hugely successful sale of its crown jewel Absolut vodka has given the centre-right government's ambitious privatisation programme a shot in the arm, but shaky financial markets could thwart the remaining sales.

"Success", "revenge" and "political resurrection" were among the terms used by Swedish media on Tuesday to hail the sale of the Vin & Sprit group, which owns Absolut vodka, to France's giant drinks company Pernod Ricard for 5.626 billion euros (8.88 billion dollars).

"A majority of Swedes are against the sale of the (country's) crown jewels but the government is probably relieved by the sale of V&S," the third state holding to be sold off in less than a year, Haaken Frisen, chief economist at the SEB bank, told AFP.

The...