Regulatory News:
Remy Cointreau (Paris:RCO) is pleased to announce the signing of an agreement between the four shareholders of Maxxium (Remy Cointreau, The Edrington Group, Beam Global Spirits and Wines and Vin & Sprit / Pernod Ricard) regarding the terms of the effective exit of its brands from the Maxxium distribution network in March 2009.
According to its terms, Remy Cointreau will pay Maxxium an indemnity fee of EUR 224 million on 28 March 2009. The 25% equity stake held by Remy Cointreau in Maxxium will be redeemed for EUR 60.4 million on 30 March 2009, after the approval of Remy Cointreau's banks has been received.
This agreement provides an excellent framework for the transition period that the three partners (following the agreed exit from Maxxium of Vin & Sprit / Pernod Ricard on 1 October 2008) will experience together. Its financial impact is in line with Remy Cointreau's estimates, as published in its 2007/08 accounts on 30 July 2008.
Commenting on this agreement, Jean-Marie Laborde, CEO of Remy Cointreau, stated :
"I am delighted with the agreement reached by all four Maxxium partners. The constructive spirit that has always prevailed in our discussions has enabled us to deliver an excellent platform for both our brands and our organisations going forward. The next six months will provide the perfect opportunity to prepare for a smooth March end transition, since the vast majority of future distribution agreements for Remy Cointreau in the 38 Maxxium markets have now been finalised".
Remy Cointreau (Paris:RCO) is pleased to announce the signing of an agreement between the four shareholders of Maxxium (Remy Cointreau, The Edrington Group, Beam Global Spirits and Wines and Vin & Sprit / Pernod Ricard) regarding the terms of the effective exit of its brands from the Maxxium distribution network in March 2009.
According to its terms, Remy Cointreau will pay Maxxium an indemnity fee of EUR 224 million on 28 March 2009. The 25% equity stake held by Remy Cointreau in Maxxium will be redeemed for EUR 60.4 million on 30 March 2009, after the approval of Remy Cointreau's banks has been received.
This agreement provides an excellent framework for the transition period that the three partners (following the agreed exit from Maxxium of Vin & Sprit / Pernod Ricard on 1 October 2008) will experience together. Its financial impact is in line with Remy Cointreau's estimates, as published in its 2007/08 accounts on 30 July 2008.
Commenting on this agreement, Jean-Marie Laborde, CEO of Remy Cointreau, stated :
"I am delighted with the agreement reached by all four Maxxium partners. The constructive spirit that has always prevailed in our discussions has enabled us to deliver an excellent platform for both our brands and our organisations going forward. The next six months will provide the perfect opportunity to prepare for a smooth March end transition, since the vast majority of future distribution agreements for Remy Cointreau in the 38 Maxxium markets have now been finalised".
© 2008 Business Wire
