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Pernod Ricard sells

Tia Maria Drinks company Pernod Ricard yesterday announced the disposal of coffee liqueur Tia Maria to Illva Saronno for a cash consideration of ? 125m (£107.7m) on a cash free/debt free basis. The transaction was lower than the ?200m Pernod hoped to make from the sale. The sale of Tia Maria, together with other disposals, is part of Pernod Ricard’s plan to reduce its debts since it acquired of Vin & Sprit, the maker of Absolut Vodka, in July 2008.