UK: Diageo and Pernod ratings cut
Ratings for both Diageo and Pernod Ricard have been downgraded. Merrill Lynch has reduced both drinks companies to 'sell' from 'neutral' on valuation grounds, according to dealers.
Merrill Lynch highlighted that Allied Domecq, Diageo and Pernod Ricard shares have all been re-rated (against consensus estimates) by 30% over the past year, adding that this re-rating has not been accompanied by any improvement in the near-term trading environment for spirits companies.
Merrill argued that the re-rating across the sector means that valuations have become stretched.
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. ...
Pernod Ricard is looking to acquire Allied Domecq....
Allied Domecq and Pernod Ricard have both been downgraded....
Diageo has completed another share buyback transaction....
Fortune Brands has started making moves to acquire in the European drinks industry, according to press reports....
E&J Gallo has announced a number of appointments within its European division....
Diageo's Smirnoff Signatures line of premixed cocktails is now available nationwide in the US....
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