Reuters: Mergers News: Russia's Tariko says wants control of Poland's CEDC

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Russia's Tariko says wants control of Poland's CEDC Jun 9th 2012, 12:56 Sat Jun 9, 2012 8:56am EDT * Vodka billionaire eyes controlling stake * CEDC is having to restate 2010 results * Shares have fallen 28.5 percent since June 4 MOSCOW, June 9 (Reuters) - The billionaire owner of vodka-to-banking group Russian Standard wants to take full control of Polish vodka maker Central European Distribution Corp (CEDC) after rescuing the group from debt troubles earlier this year. Russian Standard increased its stake in CEDC to around 28 percent in April, allowing the owner of the Parliament vodka brand to retire looming debts. "It (taking a controlling stake) is our long term goal. How we will do it is a question for future negotiations," Russian Standard owner Roustam Tariko told reporters. Investors have rushed to offload CEDC stock in recent days after the company said it would have to restate financial results after incorrectly estimating the extent of trade rebates in 2010. The shares have fallen 28.5 percent since the June 4 announcement to $2.89, 74 percent where they traded a year ago. Tariko said he did not think other shareholders would object to his plans. "They saw the purchase of our stake as an investment - not a way to seriously affect the business," he said. Russian Standard bought $100 million of CEDC stock and exchangable notes at $5.25 a share and up to $210 million of newly issued CEDC notes due in 2016, allowing the company to retire notes due in 2013. Link this Share this Digg this Email Reprints

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