FRANCE: Pernod confirms AD acquisition talks
"Discussions with Allied Domecq are at an early stage," Pernod Ricard said in a statement, "and there can be no certainty that an offer for Allied Domecq will ultimately be forthcoming.
"A further announcement will be made in due course," the company concluded.
Yesterday, just-drinks reported that Fortune Brands, which owns Jim Beam Bourbon, has appointed CSFB to target acquisitions in Europe. Speculation mounted that the US company was considering a joint move for Allied Domecq.
In February, it was rumoured that Pernod Ricard had begun talks with its US rival Jim Beam Brands, owned by Fortune Brands, about a possible joint bid for Allied. Earlier in the month, Pernod had asked J.P. Morgan and Morgan Stanley to explore potential acquisitions among a list of companies that would allow it to expand its global reach.
The combined bid by Pernod and Fortune was seen as a way of allaying fears that a bid from Pernod alone would run into competition problems. A combined bid such as this would also help to dampen concerns about Pernod financing such a bid on its own.
The two companies would benefit from significant distribution gains, although it looks as if they will be forced to pay for them.
Shares in Allied Domecq have rocketed on the news, jumping 91 pence to 628p at 12.05 pm.
The news agency AFX, citing industry sources, today said a firm offer could be made "in a couple of weeks" and could value the company at over £7.5 bln, or 670-680 pence a share.
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....
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. ...
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