Diageo, Pernod buy Seagram liquor business

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As expected, Diageo, the world's largest spirits company, and Pernod Ricard announced an agreement to buy the Seagram Spirits & Wine business for about $8.15 billion in cash. The French-based Pernod will pay about 39 percent of the deal, or about $3.18 billion, while Diageo pays the other 61 percent, or $4.97 million.

The British-French team will split the portfolio, with Pernod picking up Chivas Regal, Glenlivet whiskies, Martell Cognac and Seagram's Extra Dry gin as well as some leading national brands in Latin America, Asia and Europe. Diageo said it would get Captain Morgan spiced rum, Crown Royal and VO Canadian whiskey.

Copyright December 2000, Crain Communications Inc.

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