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Pernod pledges Swedish future for AbsolutPernod Ricard, the world’s second largest wine and spirits company, has vowed to retain Absolut’s production center in the southern city of Åhus and its headquarters in Stockholm after agreeing the €5.3 billion purchase of the vodka brand from the Swedish government. The French company won an international auction to buy V&S, maker of Absolut, in the first stage of the government’s privatization program. The deal brings an end to months of debate over the future of V&S, which also makes Plymouth Gin and a number of Scandinavian aquavit and bitter spirits. Pernod beat off stiff competition from Jim Beam bourbon maker Fortune Brands, as well as Bermuda-based Bacardi, and Swedish private equity group EQT to win control of V&S. Patrick Ricard, chief executive of Pernod Ricard, said: “The acquisition of V&S is a fantastic opportunity…Absolut is an exceptional brand.” Pernod, whose other brands include Jacob's Creek wine, Chivas Regal whisky, Mumm champagne and Beefeater gin, predicted a bright future and further growth for Absolut under French ownership. Pernod managing director Pierre Pringuet said: “I will not commit to everything remaining the same. V&S has started some rationalizations, and that will go on. The headquarters will, however, remain in Stockholm and the production will remain in Åhus.'” The V&S deal is the Swedish government’s third successful asset sale in the last year, following the disposal of holdings in telecom operator TeliaSonera and stock exchange operator OMX. Media reports said the administration would now turn its attention to selling the state’s holdings in Nordea Bank and all or parts of mortgage lender SBAB and real estate company Vasakronan. Source: www.isa.se
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