US: Fitch rerates Allied Domecq
Fitch Ratings has changed the ratings watch status of the UK drinks group Allied Domecq to "evolving" from "negative". The move follows news that Pernod Ricard has launched a takeover bid for Allied.
Fitch has also cut Allied Domecq's rating to "BB-plus".
"Although Pernod Ricard has confirmed that the facility is unsecured, Fitch still believes that such acquisition funding could subordinate Allied bondholders depending on the final details of this funding," Fitch said in Friday's statement.
It's been a quiet day on the Pernod/Allied Domecq front....
Conflicting reports circulated this weekend over whether Bacardi International is looking to form a counter-bid for Allied Domecq....
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion....
Allied Domecq has added a new flavour to its Malibu range. The company said yesterday that it would be launching Malibu Passion Fruit in the US from April 15....
Pernod Ricard and Fortune Brands are considering a US$13 billion bid for Allied Domecq, the world's second-largest spirits company. Were it to take place, Pernod and Fortune would split Allied's brand...
Pernod Ricard and Fortune Brands are hoping to buy Allied Domecq for around 670p per share, according to press reports....
LVMH has said it is not looking to buy Mumm Champagne from Allied Domecq....
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
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