FRANCE: ABN cuts Pernod rating
Investment bank ABN AMRO has downgraded Pernod Ricard to "hold" from "buy".
"This does not represent a fundamental change of view but is in keeping with our suggested 98 euros share price target," a research note said.
"Pernod's acquisition and organic growth track record both suggest the Seagram businesses will be successfully integrated. However, until there is more proof of this, and after 90 percent appreciation in the Pernod share price since the Seagram deal in December 2000, we expect the shares to perform closer to the market."
Companies: Pernod Ricard
As Pernod Ricard, Allied Domecq and Fortune Brands close in on the biggest drinks industry deal since the sale of Seagram, opinion about how the deal will be structured and who stands to win and lose ...
Maxxium Worldwide could come under pressure if Pernod and Fortune's Allied Domecq bid is successful, according to press reports today (14 April)....
It's been a quiet day on the Pernod/Allied Domecq front....
Conflicting reports circulated this weekend over whether Bacardi International is looking to form a counter-bid for Allied Domecq....
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion....
Pernod Ricard and Fortune Brands are considering a US$13 billion bid for Allied Domecq, the world's second-largest spirits company. Were it to take place, Pernod and Fortune would split Allied's brand...
Pernod Ricard and Fortune Brands are hoping to buy Allied Domecq for around 670p per share, according to press reports....
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
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