ASEAN KEY DESTINATIONS
PHL distiller Emperador eyes French cognac maker
The Philippines' largest liquor producer Emperador said Monday it will bid to acquire a French cognac producer, as it embarks on a global expansion that has seen it pick up Spanish vineyards and a Scottish whisky giant.
Emperador said in a disclosure to Manila's stock exchange that "it has expressed interest to participate in a bidding process for the acquisition of Louis Royer SAS, a cognac producer in France."
The company said it would submit a preliminary offer on May 13 to buy Louis Royer from Japanese liquor titan Suntory, which also owns the popular Courvoisier brand.
"However, its offer is still subject to the evaluation and final decision of the seller," the statement added.
"Emperador is currently debt-free and is, therefore, in a very strong financial position to further expand its business both globally and domestically," the statement said.
Emperador started as a brandy maker in the Philippines but in recent years, has been expanding to other spirits and markets.
Last year, it paid £430 million ($726 million) for Scottish whisky maker Whyte and Mackay and €60 million ($82 million) for half of Spanish brandy producer Bodega Las Copas. It has also been acquiring Spanish vineyards and brandy stocks.
Emperador is a wholly owned subsidiary of Alliance Global Group, a Philippine conglomerate with interests in liquor, real estate, resorts and gaming, and fast food restaurants.
Alliance Global is controlled by Andrew Tan, the Philippines' fourth richest man according to Forbes Magazine.
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