Campari starts bid for whole of Jamaica's Lascelles
MILAN Nov 9 (Reuters) - Italy's Gruppo Campari said on Friday it had started its bid to take over the whole of Jamaican rum maker Lascelles de Mercado & Co, a deal which will boost its presence in growing American markets.
Campari, maker of the eponymous red aperitif, said in a statement it had reached an agreement with 90.7 percent of Lascelles's ordinary shareholders to accept the tender offer.
In September Campari said it had agreed to buy an 81.4 percent stake from ailing Caribbean state-owned conglomerate CL Financial. Its offer valued the target at $414.8 million.
Campari also said it was making a $4.32 per share offer to remaining Lascelles minority shareholders.
Campari said it intended to delist Lascelles from the Jamaican Stock Exchange.
Campari has historically grown through acquisitions.
- White House reverses, says Obama met uncle and lived with him during law school
- South Africa mourns Mandela, will bury him on December 15 |
- Flights delayed as air pollution hits record in Shanghai
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Struggling Sears to spin off Lands' End clothing label