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AP National Business

‘Hiccup!’ Spirits low after vodka brand auction runs dry

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Published 11:56 AM

By MOLLY QUELL
Associated Press

THE HAGUE (AP) — Shareholders of dismantled Russian oil company Yukos were low in spirits after the top bid in an auction of several iconic vodka brands came up short. Financial holding company GML was the majority shareholder in Yukos before the Kremlin dismantled the energy giant in 2003. It hoped to sell the rights to Russian vodka brands Stolichnaya and Moskovskaya. Two bidders each placed a $250,000 deposit to take a shot at winning the rights to use the Moskovskaya and Stolichnaya trademarks in Belgium, the Netherlands and Luxembourg. The auction lasted less than two minutes. GML had reserved the right to reject the winning bid, which it did Tuesday, deeming the offer too low.

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