logo
Plus   Neg
Share
Email

Elliott Takes Stake In Pernod Ricard; Recommends Changes

Funds advised by Elliott Advisors (UK) Limited said it has informed Pernod Ricard S.A. (PDRDF.PK,PDRDY.PK,PRN.L) that it currently holds an economic interest in excess of 2.5% in the Company.

According to Elliott's view, Pernod possesses an outstanding portfolio of leading international spirits brands and offers one of the most attractive investment opportunities in the industry, with significant potential for improvement. Despite the favorable economic backdrop for the spirits industry over the last decade, the Company has lost market share across key segments within its portfolio, and underperformed its peers on several metrics.

Elliott said it has met with Alexandre Ricard, Pernod's CEO, and has written to the Company's Board to share its analysis and views on value creation. Elliott's recommendations include launching a more ambitious operational improvement plan to close the profitability gap with competitors, and aligning corporate governance with best-in-class peers.

Elliott said it looks forward to continuing its constructive dialogue with the Company, and working collaboratively in pursuit of these sustainable improvements.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Microsoft is in agreement with Alaska Airlines to enable flying more sustainably on three most popular routes traveled by Microsoft employees on Alaska Airlines, which uses sustainable aviation fuel (SAF). The SAF, supplied by SkyNRG, is an important option for the aviation industry to reduce carbon (CO2) emissions on a life-cycle basis. Walmart and Sam's Club announced options for customers to safely dispose unused, unwanted and expired medication throughout the year. With this, the retail giant aims to help the public from potential danger for misuse and abuse of prescription medications. On Saturday, October 24, the company will host in-person medication disposal events at select store and club locations across U.S. Telecom giant AT&T, Inc. reported Thursday a 24 percent decline in profit for the third quarter, primarily hurt by lower revenues across all its operating segments amid the impact from COVID-19 pandemic. Adjusted earnings for the quarter met analysts' expectations, while quarterly revenues topped their estimates.
Follow RTT