24th April 2012
Wednesday, May 22nd, 2013
Russian Standard buys 28% in CEDC
Vodka producer Russian Standard, owned by billionaire Roustam Tariko, has decided to invest $100 million in a stake of around 28 percent in Poland's Central European Distribution Corp (CEDC), allowing the Polish beverage company to finance its debts.
Based on a strategic agreement reached on Monday, Russian Standard will buy CEDC's shares for $30 million and exchangable notes for $70 million. The Russian company already owns 10 percent in CEDC.
CEDC is one of the world's largest producers of vodka and the largest integrated company in the alcohol production sector in Central and Eastern Europe. Its brands include Absolwent, Parliament and Bols.
Following the news, CEDC's stock price went up 13.1 percent on Monday.
From Warsaw Business Journal
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