US: Fortune CEO "confident" of Pernod/Allied deal
The CEO of Fortune Brands believes the Pernod acquisition of Allied will prevail sooner rather than later. Speaking at an investor conference yesterday (18 May), the US company's chairman and CEO, Norm Wesley, said that he expects Fortune to acquire some of Allied's brands from Pernod as early as this summer.
Wesley's comments come in the wake of an indicative counter-bid for Allied by a consortium led by Constellation late last week. Although he did not discuss the status of the proposed takeover, Wesley expressed apparent confidence that Pernod's deal will succeed.
"It really is Pernod's transaction," Wesley said. "Our deal is really structured at the back of that transaction.
Wesley also said that the acquisition of Canadian Club whisky, Courvoisier Cognac, Maker's Mark bourbon, Sauza tequila and some premium Californian wines, would double Fortune's premium spirits business from US$1.2bn in sales to around US$2.5bn.
"We think it's a great high-return opportunity," Wesley said. "The attractiveness for us is the brand portfolio we get from this transaction."
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion....
Constellation Brands has reported record net sales and net income for its full year, despite a tough fourth quarter, in which it was hit by acquisition costs....
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....
Frescobaldi has bought out Constellation from its joint venture, according to press reports....
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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