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Managers in Seagram bid?
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August 21, 2000: 7:14 a.m. ET
Report says management likely to bid for liquor and wine business
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NEW YORK (CNNfn) - Senior managers of Seagram Co.'s liquor and wine business are expected to be among the bidders when the operations are auctioned off by Seagram's acquirer, Vivendi SA, the Wall Street Journal reported Monday.
The newspaper, citing sources familiar with the situation, said the unit's management has had discussions with the Bronfman family, as well as overseas investors in move to seek funding for the bid. The competition is expected to be fierce.
 On Friday, Britain's Diageo PLC (DEO: Research, Estimates) and Pernod Ricard SA of France partnered to bid for the spirits business, which has been valued at more than $7 billion. British rival Allied Domecq PLC has also expressed interest in the maker of Chivas Regal scotch and Captain Morgan rum.
The newspaper said that Charles Bronfman, co-chairman of the board of Seagram (VO: Research, Estimates), wants to maintain a relationship with Seagram. A management-led team would probably also turn to other investors for funds for any deal.
The Journal also said a possible backer of the management-led group is the Swedish government, which controls V&S Vin and Spirit AB, the Stockholm-based company that makes Absolut vodka. Seagram holds the distribution rights to Absolut, the report said. 
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