Deals
Singer’s Elliott Pounces on World’s Second-Largest Distiller
- Activist firm eyes 500 million euros in savings to lift profit
- Eventual options are said to include sale of French distiller
Photographer: Marlene Awaad/Bloomberg
This article is for subscribers only.
Billionaire Paul Singer’s Elliott Management Corp. pounced on another European corporate icon, building a stake in Pernod Ricard SA in an effort to boost returns and sharpen governance at the world’s second-largest distiller.
The activist firm wants the French company to lift profit margins at least to rival Diageo Plc’s levels, saving 500 million euros ($567 million) a year by eliminating back-office duplication, cutting jobs in France and the U.S. and other measures, people familiar with the situation said.