Pernod Ricard makes bid for Absolut
USA TODAY, April, 2008 by Theresa Howard
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Pernod Ricard moved closer to bumping Diageo as the world's biggest spirits player with a deal announced Monday to acquire the Swedish state-owned parent of Absolut vodka for $8.3 billion.
The French spirits company outbid several others for the world's best-selling premium vodka, including U.S.-based Fortune Brands, Absolut's current distributor.
Pernod will climb from fourth to second among global spirits sellers with its purchase of Vin & Sprit. Pernod, which bought Allied Domecq for $16 billion in 2005, has been on a quest to be tops in the $200 billion worldwide booze business.
"Our intention is to grow and become the leader," said Pierre Pringuet, Pernod Ricard's managing director, in a conference call.
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The company will move within striking distance of Diageo, owner of Smirnoff vodka, with its annual volume of 93 million cases. Pernod Ricard's volume will rise from 75 million ...
