Italian distiller Campari buys French cognac maker for 684m euros

London

Davide Campari-Milano SpA, the Italian distiller, agreed to buy French cognac maker Grand Marnier Group in a deal that values the family-owned company at 684 million euros (S$1.05 billion), adding more high-end spirits to its portfolio.

Grand Marnier investors will get 8,050 euros in cash per share, plus a possible payment related to the planned sale of real estate property, Campari said on Tuesday. The bid is 60 per cent higher than Friday's closing price. Campari shares rose as much as 1.8 per cent in Milan, building on Monday's 5 per cent gain.