Remy Cointreau Hires Credit Agricole to Sell Unprofitable Champagne Unit
Remy Cointreau SA, the maker of Remy Martin cognac, said it hired Credit Agricole-CIB to find a buyer for its unprofitable champagne division.
A sale will be subject to the necessary procedures in accordance with current regulations, the Paris-based distiller said today in a statement that was confirmed by spokeswoman Joelle Jezequel.
Remy’s champagne unit, whose brands include Piper-Heidsieck and Charles Heidsieck, posted an operating loss of 4 million euros in the 12 months through March, the company said in June. Sales declined 24 percent in the period. Remy said Feb. 5 that it would cut 45 jobs at the unit to counter the slump.
The shares rose as much as 1.1 euros, or 2.1 percent, to 53.30 euros and traded at 52.85 euros as of 1:56 p.m. in Paris. The stock has gained 48 percent this year, giving Remy a market value of 2.56 billion euros ($3.5 billion).
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