November 9, 2012 / 8:06 AM / 5 years ago

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.

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