Italian co-operative Riunite & CIV has bought Italy's largest wine firm, Gruppo Italiano Vini (GIV).
The deal, which saw Riunite & CIV consolidate its majority shareholding of GIV, will cement the Italian co-operative's position as one of the largest wine groups in the world. It is expected to generate a turnover of €450m (£423m, US$627m).
Before it became the sole shareholder, Riunite & CIV held shares of GIV along with four other firms. Originally two separate companies, the Reggio Emilio-based Riunite and the Modena-based CIV merged on 1 September this year.
'After our merger we became majority shareholders and it was then decided among all parties that it would be best to buy the others out,' Vanis Bruni, the new president of Gruppo Italiano Vini and vice-president of Riunite & CIV, told decanter.com.
Bruni added that GIV would be independently run, 'as far as production and marketing', and that current managing director Emilio Pedron would remain in the post.
GIV also recently acquired the Bolla brand of Italian wines from American distributors Brown-Forman.
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