SPI CEO Yury Schefler, right, managed to persuade Vittorio Frescobaldi in benefits of joint winemaking.
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Schefler Gets Stake in Tenute di Toscana
Yury Schefler’s SPI has bought a blocking stake in Italian Tenute di Toscana, where it is likely to act as a strategic investor. For SPI, the analysts say, today’s concern is to extend the portfolio, which offers only the vodka brands now.
Under the agreement of the Frescobaldi family and SPI, the latter has become an owner of 25.8 percent in Tenute di Toscana, Marchesi de Frescobaldi holds 72.2 percent on aggregate and the U.S. partner of Tenute di Toscana, Michael Mondavi, has 2 percent.
One of the basic provisions of the deal was that Frescobaldi would maintain operating control over the company. The purpose was to find a partner to take on financial functions, emphasized Vittorio Frescobaldi, who heads Tenute di Toscana.
Of interest is that before Schefler, famous Chukotka Governor and Chelsea owner Roman Abramovich was tipped as potential buyer of Frescobaldi’s business.
The analysts’ attitude to the deal is rather positive. Even though Schefler has gained no operating control over the company, which is not big under the European standards by the way, SPI will be still able to materially extend its portfolio of brands.
“Thus far, SPI has been trading only in vodka. The deal should be taken as an attempt to widen the brand range,” said TPG Cristall CEO Sergey Zivenko.
www.kommersant.com
All the Article in Russian as of May 12, 2006
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