Pernod Ricard forced to sell off brands

PERNOD Ricard – which owns the Glenlivet and Chivas Regal whiskies – yesterday announced it is to sell a clutch of its brands.

The Grnstedts Cognac, Star Gin, Red Port and Dry Anis brands will be sold to Arcus Gruppen, a Norway-based firm that is an 83 per cent subsidiary of the Swedish investment company Ratos.

Pernod Ricard said it had been forced to dispose of the drinks brands by the European Commission as part of the approval process for the acquisition of V&S Vin & Spirit, which was finalised in July.

The international drinks giant, which has 19,300 staff worldwide, added: "The transaction should be completed early in 2009 after obtaining the agreement of the relevant competition authorities, namely including approval by the European Commission."