French Spirits Company To Acquire Rival
French Spirits company Pernod Ricard has been in talks to acquire rival Allied Domecq.
Apparently Pernod Ricard and the United States’ Fortune Brands are teaming up on a potential offer for Allied.
According to an AP article,
“Shares of Allied Domecq, which makes Ballantine’s whiskey and Beefeater gin, leapt nearly 18 percent.
Amid mounting press speculation that a deal was imminent, Allied confirmed it was in discussions with Pernod about a possible takeover that would also involve U.S. rival Fortune Brands, which distributes Jim Beam whiskey and Absolut vodka.
Pernod, whose brands include Martell cognac and Jacob’s Creek wine, also said it was “considering a takeover offer” for Allied Domecq in cooperation with Fortune Brands, which is based in Lincolnshire, Illinois.
Allied shares rose to close at 633 pence ($11.87) on the London Stock Exchange, while Pernod shares gained 5 percent to close at 113.20 euros ($145.42). Fortune Brands gained 1 percent to $84.24 on the New York Stock Exchange.”.
Pernod teamed up with Diageo back in 2001 on Seagrams drinks.
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