Bermuda-based Bacardi Ltd. has agreed to make a "significant'' investment in General Beverage Corp., the holding company for the Martini & Rossi Group.

Terms of the deal have not been made public, but industry sources familiar with the transaction said Bacardi has bought about half of Luxembourg-based General Beverage.

The deal is subject to regional government approval in Europe, where Martini & Rossi has its operations.

Bacardi said last week that the companies would work to create a "first-class global wine and spirits group with one of the strongest distribution networks and portfolio of brands in the industry''.

The transaction would give the two groups reciprocal access to their distribution networks around the world, Bacardi said.

The Martini & Rossi group's wide range of products will also supplement Bacardi's product line.

Bacardi Ltd. is the holding company for the Bacardi group of companies and was formed in Bermuda only this year after a damaging five-year dispute over whether the firm should remain public or go back to being private was settled.

As a result of the settlement, the Bacardi corporation became a private company by order of the US Securities and Exchange Commission.

The firm is the world's largest rum producer and Bacardi Rum is believed to be the top selling brand of all spirits around the world.

Mr. Perry Trott.