Pernod Ricard has pulled out of the bidding race for Chile's Pisco Capel, according to local reports.

Chilean newspaper Diario Financiero said yesterday (1 December) that the French group felt that the pisco producer, full name Cooperativa Agricola Pisquera Elqui Ltda., did not meet internal criteria.

"It turned out to be impossible to develop an attractive offer while meeting internal criteria such as return on investment in the set process timeframe," the paper quoted the company as saying.

Citing unnamed sources, the newspaper added that a general management shake-up at Pernod also influenced the decision.

Earlier this year, Chilean reports suggested that Pernod was in a head-to-head battle with Compania Cervecerias Unidas for control of the company. Winery Vina Santa Rita is also thought to be interested in Capel.

When contacted by just-drinks today, a spokesperson for Pernod declined to comment directly on the reports.