China’s appetite for French wine has expanded from buying vineyards and chateaux to acquiring one of France’s wine merchants, in a deal aimed at accelerating the development of wine in the Chinese market.
Shanghai Sugar Cigarette and Wine, a subsidiary of Bright Food, the state-owned food group, has acquired 70 per cent of Diva Bordeaux, one of the largest of the roughly 300 merchants in the French wine-growing region.
The sale, for an undisclosed price, leaves 30 per cent in the hands of Pierre Beuchet, Diva’s founder and chairman, and Jean-Pierre Rousseau, its managing-director.
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