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Restaurant Industry News
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Sunday June 11th, 2006 |
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Starwood picks offer by a Taittinger and bank
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The Taittinger family, prominent Champagne makers for generations, appeared Monday to be near to reclaiming the Taittinger brand after the current owner, Starwood Capital Group, spurned other bidders, including the biggest Indian distiller, United Breweries Group. |
Starwood settled on a local offer from the regional French bank, Crédit Agricole du Nord Est, and Pierre-Emmanuel Taittinger, who remained managing director of the Champagne company after it was acquired by Starwood last July.
"We have made our best bid, and we cannot up the offer further," said a spokeswoman for United Breweries who declined to be identified by name. She said that Starwood had pressed the company, which is run by Vijay Mallya and makes Kingfisher beer, to raise its offer by 20 percent to match a bid from the French investors, and she hinted that the Indian company lost out partly for political reasons.
"The resistance has been there," she said, referring to hostility to foreign takeovers. "You have seen this in the case of Lakshmi Mittal," she said, referring to the troubled bid by the Indian billionaire's Mittal Steel for Arcelor of Luxembourg. "They are no longer a global country."
Starwood, which received eight offers for Taittinger and its three businesses, Taittinger Champagne, Domaine Carneros and Bouvet-Ladubay, winnowed its choice to the Taittinger and Crédit Agricole group over the weekend after the final bids were submitted on Thursday.
External Source - For the complete article click here
International Herald Tribune
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| Last: |
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6/9/2006 4:01pm |
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1018100 |
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