MILAN (Reuters) - Italy's Campari (MI:CPRI), the world's sixth largest spirits company, said on Tuesday it would launch a friendly takeover bid for Grand Marnier (PA:GDMR) valuing the French liqueur maker at 684 million euros (535 million pounds).
Campari said it would offer to buy shares in Grand Marnier in cash for 8.05 euros each, a 60 percent premium to the stock value, having agreed to buy shares representing 17.2 percent of the company from controlling family shareholders.
Campari, best known for its Spritz cocktail containing the orange aperitif Aperol, has grown through a slew of acquisitions since 1995 and it hopes the French brand will help it cash in on a classic cocktail renaissance, especially in the United States.
"(Grand Marnier) perfectly fits Campari's acquisition strategy," the Italian company said in a statement.
Grand Marnier will join Campari's portfolio of five higher-margin brands, whose sales rose 10 percent in the second half of 2015.
Campari said it wanted to delist shares in Grand Marnier from the French stock exchange.
Shares in Campari rose 1 percent by 0808 GMT while shares in Grand Marnier were suspended from trading.
