Alcoholic beverages company Central European Distribution Corp. (CEDC) Monday said it has received approval from Russian Anti-Trust Commission, or FAS, to obtain voting control of Russian Alcohol Group.
On December 9, 2009, Central European Distribution completed its option agreement with Lion and Lion's co-investors, obtaining the remaining equity interests, less sole voting share, in Russian Alcohol, which was not owned by Central European Distribution.
Pursuant to the Russian FAS approval, under the previously agreed terms and conditions, Central European Distribution will be completing the purchase of remaining Russian Alcohol voting share in January 2010. Upon completion in January, Bala Cynwyd, Pennsylvania-based Central European Distribution will become a 100% owner of the economic and voting shares of Russian Alcohol.
Commenting on the approval, president and chief executive officer William Carey said, "With 100% ownership of both of our Russian vodka businesses we are now in a position to move ahead with full force and execute our integration strategy and we look forward to realizing the benefits of these synergies in 2010."
In Thursday's regular trading session, CEDC closed trading at $28.17 per share on the Nasdaq. In the past 52-week period, the shares have been trading in a range of $5.97 to $36.41.
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