One of the world’s most well-known and loved wine producers, Ruffino, has sold 50.1% of its shares to the American company Constellation Brands.
It now gives Constellation Brands full control over the family company. It previously purchased 40% of shares then added a further 9.9% last year.
The deal is valued at Euros 50 million and was agreed by the current Ruffino Managing Director Adolfo Folonari. He will stay on as a company director.
Ruffino is based in Florence in Tuscany and has around 1,500 acres of vineyards in the famous wine growing region of Italy. The business was started in 1877 by Ilario and Leopoldo Ruffino.
It has a reputation for producing great wines, including Chianti Ruffino and Riserva Ducale and was one of the first companies to produce Super Tuscan wines in recent years. The wines are sold in over 85 countries.
Constellation Brands is a top seller of wines, beers and spirits and is increasing its sales of Ruffino wines in America.
Read more about the takeover at this Reuters website: http://www.reuters.com/article/2011/10/06/idUS61684+06-Oct-2011+HUG20111006