UK: Allied shares fall on Southcorp bid rumours
The UK-based Allied Domecq saw its stock fall almost 5% today on further speculation that the company would make a bid for the troubled Australian winemaker Southcorp. By 1030 GMT, shares in Allied, the world's second-largest spirits maker, were down 13 1/2 pence at 279 1/2p. Although a number of analysts believe Southcorp would be a good strategic fit to Allied, there is still fear that Allied may overpay for such an asset, particularly in the current difficult trading conditions for wine companies.
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