Pernod Ricard moved an inch further in knocking Diageo (DEO) as the world’s biggest spirits player after inking a neat deal to acquire the Swedish state-owned parent of Absolut vodka for $8.3 billion.
During ongoing auction, the French spirits company outbid various others premium vodka globally including U.S.-based Fortune Brands (FO), Absolut’s current distributor. This enables Pernod to climb from fourth to second position among global spirits sellers with its deal with Vin & Spirit. Pernod has been on a quest to top the $200 billion global booze industry. Pernod Ricard’s capacity will rise from 75 million cases to 91 million, and all courtesy for this belongs to Absolut and V&S’s Cruzan rum and Plymouth gin.