Raise a glass, at last

摘要

The booze business has plenty to toast. Not only is growth in the spirits industry picking up again from the doldrums of the mid-1990s, buoyed by an ageing population and a growing preference for expensive brands over cheap ones. After more than six months, the long-awaited sale of Seagram's bulging drinks portfolio, with its 250-odd wine and spirits brands, such as Chivas Regal whisky, Captain Morgan rum and Mar-tell cognac, has finally been resolved. Not surprisingly, given the chaotic auction process, the final outcome is messy. Ostensibly, Vivendi Universal, Seagram's new owner, will collect $8.15 billion from a consortium owned roughly 60% by Britain's Diageo, the world's biggest alcoholic-drinks company, and 40% by France's Pemod-Ri-card. Together, these two narrowly beat a joint bid from Bacardi and Brown-Forman, which owns Jack Daniel's whiskey.