Grand Metropolitan PLC raised its bid for...

Grand Metropolitan PLC raised its bid for the prestige cognac house Martell et Cie to $583 a share from its last offer $507. London-based Grand Met valued the 273-year-old cognac house at about $883 million. “This is our final offer for the outstanding shares,” a Grand Met spokesman said. Grand Met already owns 19.9% of Martell, while Seagram has a 14% stake. Seagram Co. of Canada has also bid $583 per share for Martell. Seagram has the support of the Martell family, which controls 41% of the shares. But market analysts said Grand Met was trying to tempt some of the 40-odd family members away with a sweetened offer.