UK: AD pension trustees warn counter-bids - report
Allied Domecq pension fund trustees have warned that they could derail rival bids for the drinks company, according to press reports. The Daily Telegraph said yesterday (19 May) that trustees would ensure that whoever buys the company could adequately fund the group's pension scheme.
The paper quoted the chairman of Allied's pension fund, Ron Amy, as saying: "The trustees have recourse to the regulator and if we felt any bid was not satisfactory, we would go to the regulator who has powers around contributions."
Allied presently has a pension fund deficit of GBP437m, and Pernod Ricard, whose bid has been approved by Allied's board, said it will pay GBP108m into the fund over two years to help plug the gap.
A rival bid for Allied from a consortium led by Constellation is expected in the next few weeks.
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion....
Allied Domecq has added a new flavour to its Malibu range. The company said yesterday that it would be launching Malibu Passion Fruit in the US from April 15....
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....
LVMH has said it is not looking to buy Mumm Champagne from Allied Domecq....
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
Diageo is to launch a new global advertising campaign for Smirnoff Ice. The first ad in the global campaign, 'Garden', launches in Great Britain on April 11th on terrestrial and satellite TV. ...
Fideuram Wargny has upgraded its rating of Pernod Ricard to 'buy' from 'hold'. Its analysts argue that the merger talks with Allied Domecq is a catalyst for share growth....
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