French drinks group Pernod Ricard has launched a €1.04 billion ($1.37 billion) discounted rights issue as it posted a 12 per cent drop in like-for-like third-quarter sales.
The world's second-largest drinks company after Diageo also confirmed its targets for the fiscal year to June as it unveiled the details of a capital raising effort aimed at cutting its more than €12 billion of debt.
Pernod Chief Executive Pierre Pringuet told Les Echos newspaper in an interview published today the group planned to sell other "important but not indispensable brands" and could dispose of other assets such as real estate.
Last week, it announced it would sell Wild Turkey to Italy's Campari for $575 million.
Pernod Ricard said shareholders could buy three new shares for every 17 held at a price of €26.70 each, or a 36 per cent discount to the closing price of April 14th.