WARSAW (Thomson Financial) - Polish alcohol distributor CEDC raised its
earnings per share guidance for this and next year after it bought Russian
spirits importer Whitehall Group in a cash-and-shares deal worth $280 million,
it said in a statement late on Monday.
CEDC raised its 2008 diluted earnings per share forecast to $2.50 to $2.65
from $2.30 to $2.45 seen previously and expects it to reach $3.50 to $3.70 up
from $3.00 to $3.20 in 2009.
CEDC, which last week agreed a joint acquisition of another Russian spirits
distributor Russian Alcohol, also raised its net sales forecast to $1.57 billion
to $1.70 billion this year and to $1.93 billion to $2.03 billion in 2009.
Warsaw and Nasdaq-listed CEDC will spend $200 million in cash and $55
million in own stock on shares representing 49.9 percent of voting rights in
Whitehall Group. It also agreed to pay an extra 16 million euros, or $25.3
million at current exchange rate, a year after the deal is closed.
piotr.skolimowski@thomsonreuters.com +48 22 447 24 36
ps1/sal
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