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Pernod buys out Tia Maria
Pernod Ricard has tied up a loose end of its takeover of Allied Domecq and at the same time improved its distribution network in Canada. The French group is buying Corby Distilleries’ 45% share in Tia Maria, one of the brands it gained from Allied, in a transaction that also involves Corby taking over the management of Pernod Ricard's business interests in Canada. Corby is owned 46% by Pernod Ricard. As part of the deal, Corby will have exclusive rights to market Pernod Ricard’s brands in Canada for 15 years. It will also acquire global rights outside Canada for Lamb’s rum and Canadian rights to Seagram’s Coolers. Corby’s payment for these rights, valued at Can$105 million (£52m), will be met by ceding its stake in Tia Maria to Pernod Ricard. ...
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