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Bacardi Said To Be Considering $7.9 Billion IPO


April 3, 2003
Copyright © 2003 CARIBBEAN BUSINESS. All Rights Reserved.

Bacardi Ltd. is reported to be in conversations with investment banks about a possible initial public offering (IPO) that may value the Bermuda-based company at $7.9 billion.

According to published reports in Bermuda, the company has contacted Morgan Stanley, Credit Suisse First Boston, and Merrill Lynch & Co. in preparation for the move. Bacardi had previously considered going public in 1999.

Bacardi Ltd. Chairman Ruben Rodriguez didn’t confirm the report, though he did acknowledge that the company is seeking support for an extension of its capital structure, to be taken up at an extraordinary shareholders’ meeting in Bermuda on May 6. He said the plan to change the capital structure is designed to help the company finance possible acquisitions.

Bacardi, founded in 1862, is currently owned by 600 shareholders, of whom 98% are members of the Bacardi family. On March 17, the company announced that Rodriguez would remain chairman, while Javier Ferran, the company’s president for Europe, the Middle East, and Africa, would replace Rodriguez as CEO.

This Caribbean Business article appears courtesy of Casiano Communications.
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