MILAN Nov 9 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.