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    DGE   GB0002374006

DIAGEO PLC

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Delayed London Stock Exchange  -  11:38 2022-06-24 am EDT
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Italy's Campari buys French brand Picon for 119 million euros

05/10/2022 | 08:17am EDT
FILE PHOTO: Robert Kunze-Concewitz, CEO Campari Group, poses at the inauguration of a new brand house for Aperol, in Venice, Italy

MILAN (Reuters) - Italian drinks group Campari has agreed to acquire French bitter aperitif brand Picon and related assets from Diageo for around 119 million euros ($125.7 million), Campari said on Tuesday.

With this deal the maker of Aperol and Campari bitters strengthens its position in France, the group's fourth largest market, in line with other recent acquisitions including French rums Trois Rivières annd La Mauny, and Champagne Lallier, it said in a statement.

Campari, which is the sixth largest premium spirits group globally, also widens its brand offering in its core bitter aperitifs category in international markets when Moet Hennessy is marketing its Moet Garden Spritz aperitif to challenge Aperol Spritz.

Picon is currently available in two versions -- Amer PiconClub, an orange-based liqueur to be mixed with wine and cocktails, and Amer Picon Bière, to be mixed with beer.

The Picon transaction was funded via available cash.

($1 = 0.9468 euros)

(Reporting by Cristina Carlevaro, editing by Giulia Segreti and Keith Weir)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DIAGEO PLC 3.83% 3671 Delayed Quote.-9.04%
LVMH MOËT HENNESSY LOUIS VUITTON SE 3.78% 587.4 Real-time Quote.-19.20%
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Financials
Sales 2022 14 745 M 18 123 M 18 123 M
Net income 2022 3 281 M 4 032 M 4 032 M
Net Debt 2022 13 038 M 16 025 M 16 025 M
P/E ratio 2022 25,9x
Yield 2022 2,09%
Capitalization 83 403 M 103 B 103 B
EV / Sales 2022 6,54x
EV / Sales 2023 6,03x
Nbr of Employees 27 783
Free-Float 91,0%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 3 658,50 GBX
Average target price 4 135,53 GBX
Spread / Average Target 13,0%
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Managers and Directors
Ivan M. Menezes Chief Executive Officer & Executive Director
Lavanya Chandrashekar Chief Financial Officer & Executive Director
Javier Ferrán Larraz Chairman
Alan James Harris Stewart Independent Non-Executive Director
Nicola S. Mendelsohn Independent Non-Executive Director
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DIAGEO PLC-9.04%102 508
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THAI BEVERAGE-2.27%11 689
RÉMY COINTREAU-21.03%9 045
EMPERADOR INC.-5.29%5 646