Lanson International, France's second biggest champagne producer, was sold today in a trade sale to rival champagne producer Boizel Chanoine for an estimated €120m ($142m) plus €400m in debts.

At a board meeting, the Caisse National des Caisses d'Epargne, 44% shareholder in Lanson, agreed the sale to Boizel, after breaking off talks last week with Butler Capital, one of France's largest independent private equity houses.