LONDON (Brand Republic) – Canadian alcohol and entertainment giant Seagram has been given the go-ahead for its three-way merger with French media companies Vivendi and Canal+.
Edgar Bronfman Jnr, Seagram chief executive, said the deal should be complete by November and added the three companies had already begun to integrate, using 22 specially created teams.
He gave few details about the future of Seagram’s spirits business, which has become the focus of takeover speculation after Vivendi said the merged company would concentrate on its media and entertainment assets.
Advisers are thought to be preparing a prospectus for the spirits business to be sent to a large group of potential bidders, including rival Allied Domecq.
Diageo is also known to be interested in snapping up some Seagram’s brands, which include Chivas Regal whiskey, Captain Morgan rum and Martell cognac. The Bronfman family is also thought to be preparing a bid.
Seagram’s fourth-quarter results showed revenues up 5% to $3.7bn, but with a loss of $128m.
This article was first published on brandrepublic.com