International Wine News

France's Taittinger Family Solidifies Control of Company

The approximate 40 or so heirs to France's Taittinger champagne house have struck a deal to protect the company from corporate raiders. This comes after a hostile takeover bid.  Under the deal, no member of the family's seven branches can sell shares during the next three years under the five-year pact without first offering their holdings to relatives. The also helps the family's ties with Belgian billionaire Albert Frere, who took a 13.5 percent stake in June after the Taittingers fought off a hostile assault from corporate raiders Guy Wyser-Pratt and Ascher Edelmann.

The family has expanded to more than 40 members from the seven brothers and sisters who owned the company after World War Two. Taittinger SA is the majority shareholder in French luxury group Societe du Louvre , owner of the Baccarat crystal works, perfumer Annick Goutal and palatial hotels like the Paris Crillon.

The pact designates Michel Taittinger, a cousin of Societe du Louvre Chairwoman Anne-Claire Taittinger, as the family's representative. Family members own 46.25 percent of Taittinger SA's capital and 70 percent of voting rights.  They brought 43.52 percent of shares and 65.6 percent of voting rights to the family pact.

  Lion Nathan has refused to concede defeat in its $800 million bid for control of Montana Wines after opposition from regulators led the brewer to scrap its two-stage partial offer for New Zealand's biggest winemaker.It is expected Lion will launch another tilt at Montana within the next month, after it sells a 19 per cent stake in the wine maker as penalty for a technical breach of New Zealand's listing rules. Lion has until mid-August to divest the interest and it is believed an announcement on the selldown will come within the next two weeks. Meanwhile,  Montana tipped to report drop in full-year earnings: Montana Group will release its annual result on Tuesday, along with independent information next week on competingbids for the winemaker.

This page was updated on August 13, 2001