Davide Campari-Milano N.V. (CPRM.XC)

UPDATE 3-Italy's Campari to buy Courvoisier cognac in $1.2 billion deal

Italy's Campari on Thursday agreed to buy historic French cognac house Courvoisier from Beam Suntory for $1.2 billion, marking a big push into brandy with Campari's biggest acquisition on record. The purchase of a top four cognac brandy is the crowning achievement for Chief Executive Bob Kunze-Concewitz, who is due to leave next year after steering Campari through a long list of deals, including the purchase of Grand Marnier for 490 million euros in 2016. "Christmas came early for Campari this year," Kunze-Concewitz told analysts.