New York-based investment management firm Elliott Management announced that it has acquired a stake in French distilled beverages producer Pernod Ricard worth over 930 million euros ($1.05 billion).
In addition, Elliot said that it will work with Pernod Ricard to and improve its performance.
Pernod Ricard’s shares rose 3.8 percent after Elliott said it had a stake of just more than 2.5 percent.
Pernod Ricard generates revenue of $10.3 billion annually.