UK: Pernod refuses to rule out Glenmorangie buy
The French drinks group Pernod Ricard yesterday refused to rule itself out of the running to acquire the Scotch whisky company Glenmorangie, which was put up for sale by it owners earlier this month.
However, joint managing director of Pernod Ricard Richard Burrows yesterday told journalists, while unveiling half year results, that, while he could not comment specifically, he could say that, "any opportunities for external growth that fit in with our strategy are ones we would look at."
He said: "We have set out our strategy very clearly at Pernod Ricard, now we are focussed on wines and spirits, we will grow organically and inorganically," before adding that, "you can see that the premium plus segment is getting attention right now."
Pernod might meet competition concerns to buy Glenmorangie, which could fetch over £300m, due to its large Scotch business already.
Pernod yesterday revealed a hike in first half profits of 4.7% cent to €169m.
It's been a quiet day on the Pernod/Allied Domecq front....
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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....
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Pernod Ricard and Fortune Brands are hoping to buy Allied Domecq for around 670p per share, according to press reports....
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Fideuram Wargny has upgraded its rating of Pernod Ricard to 'buy' from 'hold'. Its analysts argue that the merger talks with Allied Domecq is a catalyst for share growth....
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