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Remy to Seek 430 Million Euros in Unit Sale, Credit Suisse Says

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Nov. 17 (Bloomberg) -- Remy Cointreau SA, the maker of Remy Martin cognac, will seek at least 430 million euros ($580 million) in the sale of its champagne business, Credit Suisse analysts wrote in a report.

Remy said on Nov. 15 that it’s selling the division and that it hired Credit Agricole to advise on the disposal. The unit, whose brands include Piper-Heidsieck and Charles Heidsieck, posted an operating loss of 4 million euros in the 12 months through March, the Paris-based company said in June.

“We see significant strategic rationale for this divestment,” analysts including Lucinda O’Connor said in the Credit Suisse report dated today. “The primary aim as we see it is to accelerate growth and improve returns to shareholders by redeploying capital” to regions with better performance.

To contact the reporter on this story: Celeste Perri in Amsterdam at cperri@bloomberg.net.

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net.

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