UK: Allied, Pernod, Constellation latest news

By | 26 May 2005

Pernod has received the green light for its acquisition of Allied Domecq from France's AMF market watchdog. The drinks company is expecting a ruling from the US Federal Trade Commission on the bid by next Thursday (2 June).

In a document prepared for its shareholders, Pernod confirmed that the AMF gave the move the go-ahead on Monday (23 May). The French company also said that it filed documents relating to the takeover to the US Commission on 3 May. It is also waiting for a ruling from European Union authorities by 10 June.

Pernod said that it hopes to close its bid on 26 July so long as approvals are received on time and a counterbid doesn't crop up.

The shareholder document also revealed that chairman Patrick Ricard's salary increased by 15% last year to €2.16m from €1.88m a year before. In addition, the salaries of the two co-managing directors, Richard Burrows and Pierre Pringuet, went up by 19% to €1.44m.

In the press today, the Daily Mail said that Pernod is set to pay GBP190m to City banks and solicitors helping its bid. Among the companies the paper expects to profit from the acquisition are American banks JP Morgan and Morgan Stanley, "perhaps … for their ability to raise an estimated £5bn from debt markets," Deutsche Bank, specialist lawyers Macfarlanes and "City spin doctors" Citigate Dewe Rogerson.

Sectors: Spirits, Wine

Companies: Pernod, Allied

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