China's Bright Food Group is set to buy a 70-percent stake in Diva Bordeaux, the independent wine broker said on Saturday, as China further cements its presence in France's wine market. "This deal is contingent on Shanghai Sugar, Cigarette and Wine (SSCW) acquiring a stake in Diva Bordeaux," Bright Food said in a statement, referring to one of its subsidiaries. Diva will be able to "reinforce its international development, especially in China, through Bright Food's distribution network which includes hundreds of specialised shops," according to Bright Food, a state-owned conglomerate that is one of China's largest food producers. Fine Bordeaux wines are some of the most popular with Chinese consumers. China and Hong Kong alone drank half of the export value of the wines in 2011 -- 342 million euros ($430 million), according to Bordeaux wine industry group CIVB. As a result, the region's winelands have attracted increasing numbers of Chinese investors over the last four years. Twenty Bordeaux winemakers have been taken over by Chinese, and the number is expected to increase to 30 by the end of 2012. Since its creation in 1979, Diva Bordeaux has risen to become one of the biggest brokers in the wine industry. The company reported sales of 33 million euros for 2011.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor