Bernstein: Path Clearing for Campari to Make a Major Acquisition

Dear Client:   Campari's last major acquisition was Grand Marnier in 2016. Now, the right circumstances seem to be aligning for another potential major acquisition for Campari, according to a recent Bernstein note.  Why haven't there been any major deals in several years? "We suspect this partly reflects management being disciplined and unwilling to pay the very high multiples that have become the norm for spirits deals," writes Bernstein analyst Trevor Stirling, adding "Perhaps in the aftermath of COVID, expectations will