Vodka producer Russian Standard Vodka, owned by billionaire Roustam Tariko, has offered to purchase another 19.9 percent stake in Polish rival Central European Distribution Corp CEDC said. Russian Standard already has a 9.9 percent stake in CEDC, it disclosed in a filing in November.CEDC said in a press release on Thursday that it had been in talks with Russian Standard regarding an investment and intends to evaluate the proposal. It said that no agreement has been reached regarding valuation.Russian Standard's proposal is to buy the additional shares in exchange for assets of Roust, its Russian spirits importer, and to help CEDC restructure its debt.Russian Standard's Roust imports premium spirits, including Remy Martin and Cointreau, according to its website.
Central European Distribution Corporation (CEDC) operates primarily in the alcohol beverage industry. Shares of CEDC traded higher by 17.22% or $0.88/share to $5.99. In the past year, the shares have traded as low as $2.75 and as high as $26.42. On average, 2532780 shares of CEDC exchange hands on a given day and today's volume is recorded at 1969725.
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