Altia buys Larsen Cognac for $53 mln

HELSINKI, June 10 Mon Jun 10, 2013 6:53am EDT

HELSINKI, June 10 (Reuters) - Finnish liquor maker Altia has agreed to buy cognac house Larsen S.A. and its brand from Remy Cointreau for around 40 million euros ($53 million) to boost growth.

In a statement on Monday, the Finnish company also said it will buy Danish aquavit brand Brondums from Norway's Arcus-Gruppen for 11 million euros.

Altia, fully owned by the state of Finland, said the Larsen deal makes it the world's 6th largest cognac house.

The Finnish government said earlier this year that it was looking to reduce its stake in the company and possibly take it public, but it has since cancelled such plans amid opposition from left-leaning parties.

Altia made an operating profit of 29 million euros last year on sales of 483 million euros. ($1 = 0.7564 euros) (Reporting by Jussi Rosendahl; editing by Patrick Graham)

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