On December 9, 2009, the company completed its option agreement with Lion and Lion's co-investors, obtaining the remaining equity interests, less the sole voting share, in the Russian Alcohol Group. Following this approval from the Russian FAS, the Company will complete the acquisition of the remaining voting share in the group during this month. Upon completion in January, CEDC will own 100% of the economic and voting shares of the Russian Alcohol Group.
William Carey, president and CEO said: "We are pleased to receive final approval and look forward to continuing to work with the Russian Alcohol management team to accelerate growth opportunities and integrate the Parliament business. With 100% ownership of both of our Russian vodka businesses we are now in a position to move ahead with full force and execute our integration strategy and we look forward to realising the benefits of these synergies in 2010."
