Aperol-maker Campari shares slip as it buys Courvoisier for over €1bn

Over time, Campari believes the deal to buy French cognac brand Courvoisier can boost group sales by 9% and earnings per share by 2%

Campari has a track record of breathing new life into declining brands, analysts said.

Shares in Aperol-maker Campari slipped on news it will spend over €1bn to buy French cognac brand Courvoisier—the Italian spirits group's biggest deal yet, but one that will hurt its profit margin in the short term.

Campari has a track record of breathing new life into declining brands, analysts said, adding the deal made sense. The group is betting on re-establishing Courvoisier as a "global icon of luxury", it said, making the cognac brand a key part of its growing spirits portfolio.