LVMH group seek controlling stake in Polmos Żyradów

The French Louis Vuitton Moet-Hennesy group (LVMH), which already owns 40% of the shares in Polmos Żyrardów, one of the largest vodka exporters on the market, plans to buy another 30% stake in the company from Millenium Import LLC. American Millenium Import LLC bought a stake in Polmos in 2001 for an estimated zł.120 million and currently owns a 60% stake in the company. The president of Millenium Import Edward J.Phillips, revealed that his company agreed to sell half of its stake, but the deal has yet to be accepted by the Treasury Ministry. This is needed because Polmos was privatized through the creation of joint venture with the State Treasury. Magda Nienałkowska from the Treasury Ministry Press Office said that the Ministry has not given its consent yet as it is waiting for the investor to make the next step, namely, propose the negotiations. (Puls Biznesu, p. 7) E.B.