Sazerac Offers €5.55 a Share for Germany’s Berentzen

Sazerac has agreed to make a cash offer of €5.55 per share for German drinks maker Berentzen Group, valuing the bid at a 68% premium to Berentzen’s unaffected three-month average share price. The companies announced their agreement on September 21.

Berentzen’s board and supervisory board support the deal and plan to recommend that shareholders accept it. The offer must win at least 50% of the shares plus one, and Sazerac intends to seek a delisting from the Frankfurt Stock Exchange.

The formal offer document is still being prepared for review by Germany’s financial regulator, BaFin. The companies expect the transaction to close in the fourth quarter of 2026; they said no regulatory clearances are required.

Sazerac says the combination would give it more flexibility to make and distribute spirits across Europe. The U.S. company plans to use Berentzen’s German team to produce and distribute some Sazerac brands, while investing in Berentzen’s existing sites.

Berentzen brings a portfolio that includes its namesake schnapps and Puschkin vodka, alongside nonalcoholic drinks and fresh-juice systems. The company says its products reach more than 60 countries.

The bid comes as Berentzen faces a weaker business outlook. It reported first-half 2026 revenue of €71 million, down from €79.9 million a year earlier, and cut its full-year revenue forecast to €151 million to €156 million.

For Sazerac, the proposed purchase would add to a run of European deals, including its acquisition of U.K. vodka brand Au Vodka. The company has also bought Last Drop Distillers in the U.K. and Hawk’s Rock Distillery in Ireland.

Investors will next look for BaFin’s approval of the offer document and the start of the acceptance period. Berentzen shareholders must then decide whether to tender enough shares to meet Sazerac’s minimum threshold.