Diageo plc confirms that on Saturday 21 December, it signed an agreement with Pernod Ricard that marks the end of the year-long working relationship to restructure the Seagram spirits and wine business.
The new agreement signals compliance with all the regulatory requirements, which were outlined when Diageo and Pernod Ricard jointly acquired the Seagram spirits and wine business on the 21 December 2001. This completes the disposal of all brands that were originally identified for onward sale, and the integration of agreed brands into Diageo and Pernod Ricard.
The acquisition of the Seagram's business has significantly strengthened Diageo's position as the world's leading premium drinks business. Diageo now owns Captain Morgan, Crown Royal, Seagram's 7, Seagram's VO and Sterling Vineyards, and the super premium tequila brand Don Julio.
Speaking of the acquisition, Shaun Parker, Director, Seagram Transition said:
'The integration of Seagram’s brands and people into the Diageo business has been incredibly successful. This year has seen a number of important developments for Diageo, and we are pleased with the performance of the brands we have acquired.
'The signing of the agreement today means that we will no longer work closely with Pernod Ricard in relation to the Seagram acquisition. We will continue to be robust competitors, and only work together concerning agreed Seagram issues which cannot be concluded immediately.'
Over 2000 Seagram employees have made the transition into the Diageo business, and have helped to ensure the brands have been integrated into the businesses smoothly and efficiently.