US: Pernod MD tries to calm choppy Allied waters
The joint managing director of Pernod Ricard has tried to calm growing speculation that the company is under pressure from competing interests in Allied Domecq. Speaking to reporters in New York yesterday (3 May), Pierre Pringuet said that the French company feels no pressure from the likes of Constellation and Brown-Forman, both of whom have teamed up to look at Allied's books.
"I don't see how they could do it," said Pringuet, citing obstacles such as antitrust and tax concerns, as well as pension liabilities. "There is only one offer on the table," he added. "Our offer has been approved and recommended by the (Allied) board. What kind of pressure do we feel? Nothing."
With no counter bids yet made, Pringuet said that the company intends to see what kind of offer, if any, emerges before considering any other move. For the moment, he said: "I don't see why I should be bidding against myself."
"We do understand why players are trying to interfere," Pringuet said, "because (Allied) is highly attractive."
Separately, Pringuet said that Pernod is in negotiations with the Russian owners of Stolichnaya to make the brand its flagship vodka in the US. "It's an obvious choice," he said. "The profit level is higher."
The company will probably use JPMorgan Chase & Co. to auction off Allied's Quick-Service restaurant business, which Pernod intends to sell if its bid is successful, Pringuet added. The assets, which include Dunkin' Donuts, Baskin-Robbins and Togo's, already have attracted the interest of both strategic and private-equity buyers, he concluded.
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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