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News
Taittinger back in control
The Taittinger family will soon be back in charge of its Champagne business if a proposed MBO goes through.
Following completion of the deal, Pierre-Emmanuel Taittinger and other family members will have 41% of the company’s equity and 47% of voting rights. Ten other French families will invest alongside the Taittinger family members in exchange for a 22% stake with 33% of voting rights
According to the terms of the deal, the Taittinger family will be given the opportunity to acquire more shares until it has voting control.
The family sold its business to US hotel group, Starwood Capital, two years ago, when it was under pressure to release value, for €2.1billion. In June 2006, the US company sold the Champagne business to Crédit Agricole Nord-Est for €660 million. Members of the Taittinger family invested alongside the bank and acquired 36% of the house’s shares. The family has effectively run the business ever since.
Fionnuala Synnott 19/12