Maxxium shareholders strike common agreement on the terms of Rémy Cointreau's exit – 03/09/08
Source: ©The Moodie Report
By Melody Ng
FRANCE. The four shareholders of Maxxium – Rémy Cointreau, The Edrington Group, Beam Global Spirits and Wines and Vin & Sprit/Pernod Ricard – have struck an agreement regarding the terms of Rémy Cointreau's exit from the Maxxium distribution network in March 2009.
Rémy Cointreau will pay Maxxium an indemnity fee of €224 million on 28 March 2009. The 25% equity stake held by Rémy Cointreau in Maxxium will be redeemed for €60.4 million on 30 March 2009, after the approval of Rémy Cointreau’s banks has been received.
Rémy Cointreau will pay Maxxium – owned by Rémy Cointreau, The Edrington Group, Beam Global Spirits and Wines and Vin & Sprit/Pernod Ricard – an indemnity fee of €224 million on 28 March 2009
This agreement provides an “excellent framework” for the transition period that the three partners (following the agreed exit from Maxxium of Vin & Sprit / Pernod Ricard on 1 October 2008) will experience together. Its financial impact is in line with Rémy Cointreau’s estimates, as published in its 2007/08 accounts on 30 July 2008.
Commenting on this agreement, Rémy Cointreau CEO Jean-Marie Laborde stated: “I am delighted with the agreement reached by all four Maxxium partners. The constructive spirit that has always prevailed in our discussions has enabled us to deliver an excellent platform for both our brands and our organisations going forward. The next six months will provide the perfect opportunity to prepare for a smooth March end transition, since the vast majority of future distribution agreements for Rémy Cointreau in the 38 Maxxium markets have now been finalised.”
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