Italy's Campari to buy maker of Grand Marnier cognac
Italian spirits group, Campari said it has agreed to buy the maker of French cognac Grand Marnier after reaching a deal with its controlling family shareholders.
The takeover by Campari values Societe des Produits Marnier Lapostolle at €684m (£536m).
In a statement, Campari said it had offered to buy shares in cash for €8.05 each, a 60% premium to the stock value.
It said the acquisition "perfectly" fitted its growth strategy.
Campari, the world's sixth largest spirits company, hopes the French brand will help it take advantage of a renewed interest in classic cocktails, especially in the US.
Grand Marnier is an orange-flavoured cognac liqueur, originally created in 1880, by Louis-Alexandre Marnier Lapostolle.
Its owners say that a bottle of Grand Marnier is sold every three seconds around the world.