France Pledges to Block Japanese Bid for Winery

PARIS —  Agriculture Minister Henri Nallet said Thursday that France would prevent the sale of Burgundy estate Romanee-Conti, which produces one of the country’s finest wines, to a Japanese firm.

“Romanee-Conti is like a cathedral. It is part of the French cultural heritage. It is not a matter of money. Romanee-Conti is a work of art and is priceless,” Nallet told a news conference.

Nallet was reacting to French press reports that Japanese distribution and retail group Takashimaya was negotiating with officials of the family owned estate.

“I will stop the sale of Romanee-Conti to a Japanese firm. I have asked (Finance Minister) Pierre Beregovoy to block the sale,” Nallet said.

Almost half of the 6,000 bottles of the dark red, soft, wine are sold in the United States each year, but Japan has emerged in the past few months as a promising market, producers say.

The wine, produced on a tiny vineyard of 3.5 acres, is one of the most expensive in the world. Luxury caterer Fauchon in Paris sells the 1982 vintage for 3,700 francs ($580) a bottle and the 1955 vintage for 8,300 francs ($1,300).

Ownership of the estate has been equally shared for decades between two families, the Leroy and De Villaine families, and owner Aubert de Villaine denied that a sale was under discussion.

“It is out of the question for us to sell Romanee-Conti,” De Villaine said. “We are fully aware that the estate is part of our country’s national heritage,” he added.

De Villaine said talks were under way with Takashimaya for a minority stake of about 33% by the Japanese group in Leroy SA, which markets Romanee-Conti.

Japanese firms, anticipating growing wine consumption in their country, have bought a number of French wine estates in recent years, including Chateau Lagrange, acquired by Suntori, in the Bordeaux area.