By David Sachs

Davide Campari-Milano shares fell in early trading Friday after the company said it plans to buy Courvoisier from Beam Suntory.

At 0807 GMT, shares in the Italian distiller were down 4.5% to EUR9.84 after falling as low as EUR9.70.

The alcohol producer said late Thursday that it was in talks to buy Beam Holding France, which owns Courvoisier, for a fixed price of $1.20 billion with an additional payment of up to $120 million, dependent on achieving sales targets.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

December 15, 2023 03:37 ET (08:37 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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