RUFFINO: 100% BRAND OWNERSHIP GOING TO CONSTELLATION BRANDS (ALREADY AT 49.9%)? THE FOLONARI FAMILY, MAJORITY SHAREHOLDER, UTILIZED THE “PUT OPTION” TO “TRANSFER” THE OWNERSHIP OF THE BRAND TO THE AMERICANS, BUT IS REQUESTING ARBITRATION

The U.S. giant Constellation Brands already owns 49.9% of Ruffino, one of the oldest and best-known Italian wine brands, and could become 100% owners. The Folonari family, current majority shareholders of the group (Luigi and Adolfo Folonari in the photo) in 2010 utilized the “put option” provided for in the Agreement of 2004, with which they sold minority shares to the corporation, and which provides for the possibility of selling all the shares (of the trademark and property in Pontassieve and not all their estates, ed) to Constellation.

The transaction is currently at a standstill because the U.S. group has sent it to arbitration, mainly to reassess the share price set in 2004. In any case, it seems unlikely that Ruffino will lose its “Italian identity” as other companies have. Constellation Brands may, however, decide to keep the current management of a group that produces 13.5 million bottles a year (85% in exports), and that in the last 7 months of 2010 registered a 27% increase in turnover over 2009.