Pernod Ricard Sells Renault Cognac

October 14/M2 EquityBites -- Wines and spirits company Pernod Ricard has entered into an agreement to sell the cognac Renault brand for a cash consideration of 10 million euros.

The buyer is Altia, a service company producing, distributing, marketing and selling alcoholic beverages in the Nordic and Baltic countries.

Closing of the transaction -- which includes some finished products inventories -- is subject to clearance by the Swedish and Norwegian competition authorities.

A transitory distribution agreement between Pernod Ricard Finland and Altia has also been concluded, Pernod Ricard said.

From the November 1, 2010, Prepared Foods E-dition