Covid-19 delays merger between Champagne Nicolas Feuillatte and Champagne Castelnau
The merger between the two Champagne houses was due to happen on June 24 this year but will be completed in December 2021.
Late last year the Centre Vinicole Champagne Nicolas Feuillatte and the Coopérative Régionale des Vins de Champagne – Champagne Castelnau announced a merger which they described as “a committed and voluntary partnership optimizing the expertise and presence that both entities have acquired over the years.”
Through a press release, they announced that given the tight timeframe, there would be no room for the Merger Treaty as foreseen. It was to be approved by both boards of directors on April 22 and 23. Last night it was then announced that the merger will be completed in December of this year.
Champagne’s two main cooperative groups also said that uncertainty over the exit from the global Covid-19 crisis has made it “extremely difficult” to gauge how quickly Champagne sales in France and around the world will recover. It was therefore decided to postpone the project until the end of the year.
“In light of the current situation, it is crucial that we give ourselves sufficient time to complete this important project, without additional time pressures,” said Véronique Blin, President of CV-CNF. “Delaying the operation until December 31 is much more prudent,” she added.
“Our main objective is indeed to prepare for the future with the best possible assets to ensure the success of the merger of our two structures,” commented Fabrice Collin, president of CRVC.
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