• July 30, 2008

The stake is called significant in a press release issued on Tuesday.

Also agreed upon is that John Paul DeJoria, co-founder of Patrón, will become principal owner of the parent company.

Although Bacardi and Patrón intend to operate independently from each other and the agreement does not provide for changes in the day-to-day operations of Patrón or in Patrón's management or distributor network, the relationship is expected to lead to beneficial synergies for the company. --Nina M. Lentini