ANOTHER BRONFMAN STIRS THINGS UP
Charles Bronfman, the co-chairman of Seagram Co., which is being sold to France's Vivendi, is considering making a bid for his company's liquor division, home to brands like Absolut vodka, Captain Morgan rum and Chivas Regal scotch.
Claridge Investments, this Bronfman's privately held investment group, has retained investment bankers at Bear Stearns to examine a possible bid, The New York Times reports. Charles is uncle to company CEO edgar bronfman',390,400);">edgar bronfman',390,400);">Edgar Bronfman Jr., who navigated the Canadian liquor company's entry into entertainment through his purchase of Universal's film and music divisions.
Vivendi is building an entertainment and communications operation with its Seagram purchase, but plans to sell the liquor business. The French giant has no interest in the liquor business and wants to shed it to help reduce its approximately $6.6 billion debt. Analysts have speculated that the liquor operations could bring in more than $7 billion.
No confirmation of reports that Charles may make a move simply because he doesn't like to pay for his cocktails.
