Word: absolutism
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Dates: during 2000-2009
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...recent breakfast in his private dining room overlooking the Eiffel Tower, he was strictly a coffee man, despite having just pulled off a deal worth celebrating with something stronger. In March, Pernod Ricard stunned its rivals by landing one of the biggest prizes in the drinks sector: Absolut, the world's leading premium vodka, whose acquisition, Ricard concedes, was "a bit of a coup...
...everyone agreed. As Ricard buttered his toast, the markets battered his firm for paying $8.34 billion for Absolut's parent company, Vin & Sprit--which was almost 21 times the Swedish firm's gross operating profit last year. As if to suggest that Pernod Ricard had overreached, Bruce Carbonari, CEO of Fortune Brands (which was trumped in the Absolut auction), claimed that the price for V&S would not provide an "appropriate return" for shareholders. Yet le patron remained unperturbed. Three years ago, the company leveraged itself heavily to acquire Britain's Allied Domecq, a $13 billion deal that doubled Pernod...
...billion gal. (4.6 billion liters) consumed annually, but the rest of the world is catching up fast, and global growth prospects are huge, especially for so-called premium vodkas. "There was no way that an ambitious company like Pernod Ricard could pass up an opportunity to acquire Absolut, even though it has cost them dear," says senior drinks company analyst Jeremy Cunnington of Euromonitor International...
...states into the union. "It is absurd to believe that the U.S. stole Texas and California since most inhabitants of the Southwest considered the 19th century Mexican government a totalitarian regime and wanted independence, and rightfully so, from Mexico," wrote a blogger who signed in as CPTLOU on the Absolut forum...
...Several leading Mexican writers have even portrayed the vast immigration of Mexican workers to southwestern United States represents a Reconquista of the lost territories. And it was precisely this equation of the old map with the flood of immigrants into the southwestern United States that angered many who blasted Absolut over...