Guinness and GrandMet talk `behind the scenes' with Arnault
Saturday 28 June 1997
Bizarrely, both Guinness and GrandMet insisted yesterday they had held informal talks with the Arnault camp with a view to resolving their differences, while a spokesman for LVMH said: "There have been no discussions. There have been no meetings between principals or advisers."
The LVMH spokesman admitted, however, that "if there are rumblings of an approach [by Guinness and GrandMet] then that's all good news to us".
Meanwhile a spokesman for GrandMet said: "Discussions are quietly going on behind the scenes. They're not in the public domain but they're not secret either."
Mr Arnault voted against the merger in his capacity as a Guinness board member and 14.2 per cent shareholder when the deal was unveiled. Since then he has spent pounds 810m buying 6.3 per cent of GrandMet to "get a seat at the table," according to his spokesman. The Frenchman wants his own drinks business to be included in the merger, and observers expect Moet Hennessy to be involved. Guinness already owns 34 per cent of Moet Hennessy.
The Frenchman's aggressive and unexpected share buying has annoyed the Guinness/ GrandMet camp, but the latter now realises that the Frenchman's agreement to the deal would be helpful. The deal will go before the American and European competition authorities in three months.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
- 5 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Pornhub star Mia Khalifa receives death threats after being ranked the site's top adult actress
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
Leaked documents show Ukip leaders approve NHS privatisation once it becomes more 'acceptable to the electorate'
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...