Sazerac tables Berentzen takeover bid

Sazerac tables Berentzen takeover bid

Satarupa Bhowmik

Mon, September 21, 2026 at 5:46 PM GMT+3 3 min read

US spirits producer Sazerac has launched a takeover offer for Berentzen-Gruppe, the Germany-based distiller.

The companies confirmed their "business combination agreement" in a joint statement released today (21 September).

Sazerac, the owner of Buffalo Tracer whiskey and Au vodka, has tabled a bid for all of Berentzen's shares worth €5.55 ($6.37) a piece.

According to the statement, the offer is a 68% premium on Berentzen's three-month average share price before takeover talks were confirmed last week.

The offer has secured the backing of Berentzen's executive and supervisory boards.

CEO Oliver Schwegmann and CFO Ralf Bruehoefner described the bid as an "outstanding opportunity" for the Frankfurt-listed group, its employees and shareholders.

They called the offer "very attractive" and recommended shareholders to accept it.

"The proposed price of €5.55 per share is on a level not seen for over two years. The business combination will present the Berentzen Group with an excellent opportunity to consistently pursue its growth strategy and tap into further potential for value creation at a pace and on a scale that is only possible with a strong strategic partner in a challenging European market," they said.

Headquartered in Haselünne in north-west Germany, Berentzen owns brands such as Puschkin vodka, Tres Países rum and its namesake fruit-based spirits.

In 2025, its revenue fell 10.4% to €162.9m. Consolidated EBIT, adjusted for factors including "exceptional effects", declined 19.8% to €8.5m.

In the first half of this year, revenue dropped 11.1% to €71m as spirits sales remained weak.

Berentzen, which also sells soft drinks, said its spirits division was hurt by the expiry of a private-label contract to supply Bourbon.

At the time, Schwegmann also pointed to "the ongoing weakness in the market and consumer spending in Germany".

Sazerac CEO and president Jake Wenz said Berentzen would "profit" from the combination.

"We are confident this business combination will be beneficial for both sides, enabling us to manufacture and distribute spirits products for the whole of Europe and beyond with greater flexibility and pace, including brands from the Berentzen group, Sazerac as well as private-label ranges," he added.

Sazerac also said it wants to keep creating "opportunities" for Berentzen's workforce and brands, while running current sites and continuing their development with additional investment.

Berentzen marks the latest M&A target for Sazerac, which is also home to brands including Southern Comfort and Fireball.

In August, Sazerac signed a deal to acquire Au, a transaction completed last week.

However, in July, fellow US spirits group Brown-Forman said it had rejected a takeover proposal from Sazerac.

Brown-Forman's board said it had received the "unsolicited" bid but decided it was "not actionable".

Sazerac's pursuit came after Brown-Forman and Pernod Ricard disclosed in March they had held talks on a possible deal to form a "partnership akin to a merger of equals".

Those discussions ended in April without an agreement after the two companies failed to "reach mutually acceptable terms".

"Sazerac tables Berentzen takeover bid" was originally created and published by Just Drinks, a GlobalData owned brand.