Diageo already holds a 34% stake in the company.
The Australian and British press are at it again. Speculation swirled over the weekend that LVMH could sell Moët Hennessy to Diageo, although the French company has denied interest in the past. Recall that Diageo already holds a 34% stake in the company. It appears that a new acquisition by LVMH reignited the rumor last week. The company bought a 50% stake in St-Emilion’s Château Cheval Blanc and the company La Tour du Pin, owner of the Chateau Quinault l’Enclos estate, another Grand Cru classé of Saint-Emilion. Interestingly, LVMH bought the properties from its billionaire chairman and controlling shareholder, Bernard Arnault. Financial details were not disclosed. – from Wine and Spirits Daily
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.