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Cinzano sold to Campari
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September 29, 1999: 10:29 a.m. ET
U.K. food and drink giant completes disposal of four European spirit brands
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LONDON (CNNfn) - U.K. beverage and food group Diageo said Wednesday it had sold its Cinzano vermouth brand to privately owned Italian rival Campari for an undisclosed sum.
The sale brings to a close the auction of four European spirit brands announced back in April. A Diageo spokeswoman confirmed to CNNfn.com that the disposal of the four brands raised around $420 million.
Diageo sold Italy's best selling brandy, Vecchia Romagna, last week and completed the sale of two other brandy brands, Asbach and Metaxa, Tuesday.
Cinzano is the No. 2 global vermouth brand after Martini, which is made by Barcadi.
The latest sale is part of a wider disposal program initiated by London-based group shortly after the merger that created Diageo in 1997.
The group's brewing division, Guinness, agreed to sell its 88 percent stake in Spanish brewer Cruzcampo for more than $900 million in June.
The deal is currently on hold after it was referred to the Spanish regulator in July. A ruling is expected by the year end.
Diageo is world's largest alcoholic beverage producer and owner of Burger King and the Pillsbury bakery business.
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Diageo
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