UK: Diageo targeted in Allied counter-bid - report
Constellation will up its efforts to get Diageo to join its counterbid for Allied Domecq, according to weekend reports. The US-based drinks company is leading a consortium including Brown-Forman and private-equity firms Lion Capital and Blackstone to trump Pernod Ricard's takeover bid for Allied.
Without citing sources, the Sunday Times said yesterday (22 May) that Constellation is hoping to get Diageo onside amid concern that it will struggle to raise sufficient funding in the capital markets for a credible bid.
The paper said that Constellation is believed to have decided against offering investors "stub equity" and needs firepower beyond that being supplied by its consortium team-mates.
Diageo, which would be very interested in Allied's Maker's Mark Bourbon, is presently mulling over whether to join the consortium, await the fallout from Pernod's takeover bid, or form a separate bidding vehicle with another international drinks company, the paper noted.
Diageo is looking to change the image of one of its flagship brands in Colombia....
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....
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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