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Monday, 10 December 2012

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Asia's King Power snaps up Bordeaux estate

Asian duty-free specialist King Power has acquired the Bordeaux wine estate Chateau Bernadotte from Champagne Louis Roederer for an undisclosed sum, the company said Thursday.

King Power, which has offices in Bangkok and Hong Kong, also has investments in food and beverages, including wine interests in China, real estate, manufacturing, sports, brand development and leisure.

The acquisition of Chateau Bernadotte marks a new departure for the company, broadening its drinks and retail strategy, while capitalising on a synergy between its various activities.

Chateau Bernadotte operates a 40-hectare vineyard in Bordeaux's prestigious Medoc region, producing 200,000 bottles a year.

It is ranked as a Cru Bourgeois, below the level of classed growth wines but still considered to be of good quality. A bottle of a recent vintage would retail at the cellar door for around 10 euros ($13).

The property was acquired by Roederer in 2007 when the Champagne family bought second growth Chateau Pichon Longueville Comtesse de Lalande.

Roederer has invested millions in renovating and improving their Bordeaux properties, but this is the second estate it has let go, following the sale of Chateau Reaut to a group of investors.

Originating in Hong Kong, King Power is a major player in the duty free sector across Asia. It operates a retail network carrying an extensive portfolio of top drawer brands, including Cartier, La Perla and Godiva. In 2006, the group acquired French costume jewellery chain Agatha.

In the drinks business, it already distributes brands including Hennessey, Remy-Martin, Courvoisier, Dom Perignon, and Bordeaux first growths Chateau Lafite-Rothschild and Chateau Mouton-Rothschild.

AFP


Singapore resort urged to free dolphins

Animal rights activists on Friday renewed calls for a Singapore casino complex to free dolphins it acquired for a marine park, threatening to campaign for a boycott if their demand is ignored.

The Animal Concerns Research & Education Society (ACRES) of Singapore claimed the bottlenose dolphins were "being housed in appalling conditions, in tiny barren swimming pools" at Resorts World Sentosa (RWS).

"ACRES is issuing a final ultimatum to RWS: work with ACRES and Earth Island Institute to rehabilitate and release the dolphins back into the wild," the animal rights group said in a statement.

Failing this, ACRES warned that it "will launch a full-fledged boycott against not just Resorts World, but all Genting properties" next month, the statement said.

RWS is owned by Malaysian business group Genting.

ACRES' call coincided with a grand celebration on Friday by the casino resort to mark the full operation of all its attractions, which also include a Universal Studios theme park, hotels and Singapore's first casino.

The marine park is billed as the world's biggest oceanarium.

"We have tried our very best to establish a dialogue with RWS, but they have ignored our calls for meetings and turned a deaf ear to our concerns," said ACRES chief executive Louis Ng.

AFP

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