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China: Changyu opts for Illva Saronno rather than Castel

Par Vitisphere Le 22 février 2005
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China: Changyu opts for Illva Saronno rather than Castel
T
he Italian spirits group Illva Saronno is about to acquire 33% of the capital of Changyu Wine, China's leading wine producer. Illva will purchase the shares belonging to the state of Yantai (north-eastern China), which owns 55% of Changyu. The State authorities announced that they want to sell off a further 10% to another foreign company. The choice of Illva surprised analysts, who thought that Castel would be in the running, as the French group has been working with Changyu for several years now. Castel and Changyu signed an agreement back in 2001, resulting notably in the creation of a Chinese wine estate called Château Yantai.
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