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Breaking news: Chateau Montelena cancels sale to Cos d’Estournel’s owners
Well, so much for the big news about Chateau Montelena’s sale to the French owners of the Bordeaux chateau Cos d’Estournel. Check out this press release prepared and sent out by Ch. Montelena just a couple of hours ago. Think there may be more to this story?
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By Bob
November 5, 2008 11:51 AM | Link to this
It could be as simple as the drop of the Euro against the dollar. When the deal was announced in July the Euro was at 1.6 to the dollar. It recently dropped to below 1.3. If the deal was to be $150 M in July that would have cost them 94M Euro now it would cost them 118M Euro. Over a 25% increase in expense might change my mind if I were the buyer… to say nothing of the ability to borrow the money.