Absolut acquires Cruzan Rum

24/03/06 The Absolut Spirits Company, Incorporated ("ASCI"), a subsidiary of V&S Group, the Swedish-based international spirits and wine company, announced that it has completed its acquisition of Cruzan International, Inc.. At a meeting of the stockholders of Cruzan on Friday, March 17, 2006, ASCI's merger proposal was formally approved by Cruzan's stockholders, and the merger was completed today.

Upon the completion of the merger, each issued and outstanding share of Cruzan common stock not owned by ASCI was converted into the right to receive $28.37 in cash. Details of the exchange procedures, including letters of transmittal, will be sent to Cruzan stockholders in the next week by the paying agent engaged by ASCI. In connection with the completion of the merger, Cruzan has delisted its common stock from The American Stock Exchange.

The Absolut Spirits Company, Incorporated, headquartered in New York, is a subsidiary of V&S Group, a leading producer and distributor of spirits and wines and one of the world's ten largest international spirits companies. The product portfolio of V&S Group includes its own brands for local, regional and international sales, as well as agency products. V&S Group's most important brand is ABSOLUT which is the world's third largest international spirits brand.

Cruzan International Inc., headquartered in West Palm Beach, Florida, is a major producer and supplier of rum, brandy and wine to the beverage alcohol industry. Cruzan also produces ultra-premium single-barrel aged rums and tropical rums, vinegar and other alcohol-related products.

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