CEDC vodka distributor buys Bols

APA - Austria Presse Agentur
20-04-2005, 14:00

Warsaw (Puls Biznesu) – Central European Distribution Corporation (CEDC), one of possible investors in Polmos Bialystok vodka producer, next to Polmos Lublin and Sobieski Dystrybucja, is buying Bols, another company which earlier had claimed to be interested in Polmos Bialystok. The latter may be worth even PLN 1.5 billion, especially if CEDC offer is as high as that for Bols.

Warsaw (Puls Biznesu) – Central European Distribution Corporation (CEDC), one of possible investors in Polmos Bialystok vodka producer, next to Polmos Lublin and Sobieski Dystrybucja, is buying Bols, another company which earlier had claimed to be interested in Polmos Bialystok. The latter may be worth even PLN 1.5 billion, especially if CEDC offer is as high as that for Bols.

US distributor signed a letter of intent to buy Bols, the owner of 12 percent market share. The transaction will be worth USD 265 m (EUR 203.3 m). If we count the value of 1 percent of the market share, Polmos Bialystok would be worth USD 462. DM Penatrator brokerage, which is placing the vodka producer shares estimated its capitalisation at PLN 886.6 m (EUR 212.5 m). ‘In the negotiations, we want to receive around PLN 1 billion for the company. This is the best Polmos, whose worth is big, and I think this price is possible’, Dariusz Witkowski, deputy Minister of Treasury said several week sago.

Analysts do not believe that the price of USD 265 m is only for the acquisition of Bols. They expect this included the access to world distribution network of Remy Cointreau, the previous owner of Bols. CEDC would need it to sell Zubrowka vodka abroad. CEDC representatives assure, however, this is not the case. They admit that CEDC and Remy Cointreau have a strategic alliance and CEDC will sell alcohol of the French producer in Poland. This, however, may be prelude to world-wide co-operation. ‘This is the first step to get leading position among international alcohol market. We hope for synergies including joint margins, faster organic growth and the use of our distribution network’, William V. Carey, CEDC CEO said.

The acquisition of Bols must be approved of by Polish antymonopoly authorities UOKiK, because CEDC has 30 percent market share of the Polish vodka distribution market. Such approval would also have to be given before Polmos Bialystok is bought.

(PLN 1 = EUR 0.239)

(USD 1 = EUR 0.767)Poland/Enterprises/Beverages

 

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Podpis: APA - Austria Presse Agentur

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