Moet Hennessy to acquire Glenmorangie for 300 million pounds

LONDON (AFP) - Moet Hennessy Investissements, a subsidiary of the French luxury group LVMH, said it had agreed to terms with Scottish whisky producer Glenmorangie for a 300-million pound (545-million-dollar) bid for the company.
"This is a very good deal for our shareholders and employees," said Glenmoragnie chairman Keith Edelman.
"Under the ownership of Moet Hennessy, Glenmorangie will continue to realize the full potential of the Glenmorangie, Ardbeg and Glen Moray brands."
Added Moet Hennessy chief executive Christophe Navarre: "Glenmorangie is a fine whisky, a growing brand and a strong company.
"It will be a fitting companion for Moet et Chandon, Hennessy and our other prestige brands."
The Moet Hennessy announcement came after French wine and spirit supplier Pernod Ricard said it was no longer bidding for Glenmorangie.
A report last month in the Sunday Times said Glenmorangie, put up for sale by its controlling family, had shortlisted six potential buyers, including the French drinks company.