Allied Domecq, the international spirits and wine group, has announced that it has completed its acquisition of Malibu, the coconut rum brand, and associated assets from rival Diageo.

Allied Domecq's chief executive Philip Bowman said: "Malibu has a proven growth record and will augment our enhanced portfolio of premium white spirits brands. It has critical mass, significant on-trade presence and will add momentum in a number of our key markets." The acquisition of Mumm Cuvee Napa was also completed yesterday.

Bowman continued: "We have acquired Malibu at a price that the market considers to be most attractive. The acquisition delivers immediate strategic benefit to our portfolio and also brings exciting opportunities to develop new products and new markets."