Gruppo Campari, an Italian drinks firm, is proceeding with its plans to purchase Société des Produits Marnier (SPML), and has opened a friendly tender offer of €8,050 for each share. This offer will remain open till 21 June.

It has secured approval from the French financial markets regulatory authority AMF. Davide Campari-Milano CEO Bob Kunze-Concewitz said: "We are pleased to announce that the acquisition of Grand Marnier is on track as we received the approval from the US antitrust authorities to proceed.

"We believe that this is an attractive offer which fully reflects the quality and the potential of this company."

"Davide Campari-Milano friendly tender offer on SPML shares opened for a period of 25 trading days.

"We believe that this is an attractive offer which fully reflects the quality and the potential of this company and we are therefore confident that it will be well received by the shareholders of SPML."

Two months ago, media reports claimed that Gruppo Campari had agreed to purchase French drinks company SPML for €684m ($760m). Grand Marnier a French brandy brand was part of the acquisition.

With the purchase, Gruppo will initially own a 18% stake in SPML, following which it can acquire the rest of the firm by 2021.