Paris, May 30 - French champagne maker Taittinger will hold an extraordinary meeting with staff Wednesday to seek formal approval for the company's sale by owners Starwood Capital Group, a union official said on Tuesday.
The decision to hold the meeting on Wednesday effectively accelerates the U.S. fund's sale of the company to members of the Taittinger family backed by bank Credit Agricole du Nord Est.
Under French law, the deal can be signed only after the works council has been consulted -- a step that had not been expected to take place until early June.
"We have to go quickly. The operation cannot go ahead until the works council has given its formal view," said union official Patrick Wojtowicz after informal talks with Taittinger family members.
Starwood wanted to work fast to "avoid speculation and counter offers," Wojtowicz said. Both sides hope to complete the sale by the annual grape harvest in September to keep from unsettling suppliers, he added.
According to French media reports, Credit Agricole's offer was not the highest made by the eight bidders short-listed by Starwood.
Starwood declined to comment on the price. It said it chose the bank because of a "highly attractive financial offer" and other factors, including simplicity of the proposed contract and proposed timing.
Wojtowicz reaffirmed the works council would give the project a green light. "We are confident and satisfied. It's the project that provides the most security and is most reassuring and balanced for Taittinger and the champagne region," he said.
Starwood said on Sunday it had "entered into advanced discussions" with Credit Agricole du Nord Est about the sale of Taittinger and two linked vineyards in California and France.
Wojtowicz said financial details were not disclosed during Tuesday's talks.