EU: Pernod & Allied - finishing line drawn?
The European Commission has set a provisional date for the completion of its preliminary review of Pernod's bid for Allied Domecq. The Commission believes it will complete its initial antitrust review, requested by the two companies earlier this month, by 10 June.
As reported yesterday, the EU can either clear the deal after its month-long review, it could conditionally clear it or it could open an in-depth check which could take up to four months.
Citing analysts, Dow Jones reported today that a rival consortium headed by Constellation and Brown-Forman, which is conducting due diligence on Allied prior to a counter-bid, may not have enough time to put forward a bid if regulatory approval is granted at the first hurdle.
In other news, the Guardian said today that Richard Burrows, co-managing director of Pernod, has played down suggestions that relations with Allied throughout takeover discussions had been frosty.
"We had very friendly discussions and all the time within the context of a friendly approach," Burrows told the paper. While due diligence disclosures by Allied had been limited, Burrows conceded to the newspaper, they had been sufficient for Pernod to construct its bid.
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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