Fortune Brands sips up remaining stake in Beam

Fortune Brands Inc. has come to terms with the government of Sweden and repurchased a 10% stake in its Beam Global Spirits & Wine Inc. unit from V&S Vin & Sprit AB for about $460 million.

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The deal was announced one day after the Swedish government closed its $8.8 billion deal to sell its state-owned spirits company  Vin & Sprits to France's Pernod Ricard SA.

In March Pernod Richard won a battle to buy V&S, the maker of Absolut Vodka, beating out Fortune, which produces Jim Beam bourbon and owns the rest of wine and spirits company Beam Global.

That deal did not include V&S' stake in Beam.

Fortune Brands already owned 90% of Beam, and it had been looking to exercise a right it retained allowing it to buy the V&S stake, but the two drinks giants had been unable to agree on a price. This deal will finally make Fortune Brands the full owner of Beam Global. - Donna Block

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