French cognac maker Grand Marnier sells for €684m

Davide Campari-Milano, the Italian distiller, agreed to buy French cognac maker Grand Marnier in a deal that values the family-owned company at €684 million, adding more high-end spirits to its portfolio.

Grand Marnier investors will get €8,050 in cash per share, plus a possible payment related to the planned sale of real estate property, Campari said in a statement.

The bid is 60% higher than Friday’s closing price. Campari shares rose as much as 1.8% in Milan, building on Monday’s 5% gain.