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Bacardi
Interview: BACARDI --- RODRIGUEZ, RUBEN --- Chairperson of the Board
>> bacardi is the world’s largest producer of rum and it says it is buying gray goose. that acquisition has heightened speculation that the company may be setting itself up for an initial public offering. today we get insight in the company and its future and find out if there is any truth to this talk with chairman ruben rodriguez. i think that the mere fact that you are here on our show a that you have volunteered yourself will imply to some that you are at least reaching out to the public and the possibility of an i.p.o. seems likely.

>> really we are a private company as you know, and lately we have been trying to open up to the world to avoid precisely unnecessary speculation and rumors that many times are unfounded. so, we really feel very comfortable talking to the media and to analysts and to the banks, our banks, which we have always had a very close relationship with them. as far as your question, we have received all the necessary approvals from our shareholders to let the board of directors decide the time of an i.p.o., or, if we are needed to go and tap the public market . we have a high internal rate of return and for us, really, to create value for our shareholders, the use of the proceeds are essential and we have to reinvest at a higher rate of return.

>> it is interesting because there’s been discussion of i.p.o.’s and investor interest, and with google launching its deal, there’s been a number of companies that have been postponing their offerings because of unfavorable conditions. is that the only thing that is holding you back from going forward and hiring the bankers and going forward with the deal?

>> everything is pretty much set. but we need a reason. and we need a good reason. and for that we need an opportunity. and we have just completed the acquisition of gray goose and to finance that we didn’t need to tap the public market .

>> but for other acquisitions are you saying that you would need lickedity?

>> it would depend on the timing because the industry generates a lot of cash and if at the time when an opportunity arises some of the brands have gotten back enough cash that we are in a position that we can do it without an i.p.o. we would have to consider that. there are a lot of factors that come into play. the interest rate. the internal rate of return of the opportunity. there are many factors.

>> it is not hard to look look at relative values. you look at the rivals out there. and, for example, bacardi did about $3.3 billion in sales in 2003. if you look at constellation, they trade at about one times their trading sales. so we do that math and average it out somewhere around 1.5 times so we are looking at a $4 billion to $5 million. billion.

>> we have not really done any math on poub valuations. however, in that light we would look at our company and we believe that if we were to do a public offering that our shares would be valued at the top of the industry, at a price/earnings rash so that would be a little higher. but this is purely speculation.

>> what is interesting also is the history of bacardi because it is so closely held, 600 shareholders of which 98% are family members. the company was founded in cuba in 1862. some might ask why go public at all. you have a happy, perfect, beautiful life.

>> that is correct. that is why i say that we would need an opportunity and a reason and an internal rate of return that would be the same or better than what we have to do it. i think we are in a highly competitive industry. i think that the days like a few years ago when we were a one-product company. i think if we had not expanded to gain distribution in europe and bombay to get a foothold and really become a big player in the united states and then technique kill will―tequila. so we have been able to do it without an i.p.o. so it is possible that other acquisitions can be financed internally. but we are not going to stop because we can’t do the financing. now we have the flexibility. but we have to look at the specific situation.

>> thank you very much. i appreciate your come option and joining us. ruben rodriguez. legendary investors warren buffet and george soros made changes to their portfolios last quarter. we will tell you what they were buying and selling when we return.
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