AUSTRALIA: Lehmann blames Allied for PLW downturn
"It has been unsettling to our overseas distributors," Lehmann said, referring to Allied's 14.5% stake in the wine group which last week posted a 22% drop in net profit for 2002-03 to A$5.42m.
Lehmann's views were echoed by Robert Hill-Smith, managing director of Samuel Smith & Son, PLW's fifth largest shareholder. "I think it's actually had a debilitating effect on brand performance," Hill-Smith said.
Any speculation that Allied Domecq's participation in PLW has caused is likely to continue for a while longer following the news that the Swiss group, Hess, has made a A$3.50-per-share takeover bid for the group, valuing PLW at A$133m. Allied Domecq is now thought to be considering whether to table a counter-bid.
Peter Lehmann sold a 5.4% participation in PLW to Hess but still retains a 10.1% stake in the company.
As Pernod Ricard, Allied Domecq and Fortune Brands close in on the biggest drinks industry deal since the sale of Seagram, opinion about how the deal will be structured and who stands to win and lose ...
Cautious optimism is probably the best way to describe today's press reaction to Pernod's friendly bid for Allied Domecq....
Spirits firm Allied Domecq has agreed to a takeover bid from smaller rival Pernod Ricard, subject to agreement from Allied shareholders....
Allied Domecq last night accepted Pernod Ricard's offer to buy the UK-based drinks giant....
Allied Domecq today delivered a 7% increase in first half group profits before tax to £285m. Earnings per share were up 7% to 19.2p, turnover that was flat at £1,700m....
Drinks producer and distributor Todhunter International has said that its controlling shareholder, CL Financial, is interested in acquiring some of the brands of Allied Domecq that may become availabl...
Pernod Ricard has had its rating raised....
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....
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