Campari buys rum maker

Campari, the maker of the eponymous red Italian aperitif, is buying the Jamaican rum maker Lascelles de Mercado to boost its presence in growing American markets as sales in recession-hit Italy lose fizz.

Campari will buy a 81.4 per cent stake in the Appleton rum maker from the ailing Caribbean state-owned conglomerate CL Financial, valuing the target at $415m (£261m).

Campari, which is also offering $4.32 per share to buy out remaining minority shareholders, aims to expand in a rum market whose volumes have grown for 10 years in a row.