FRANCE: Pernod wants early redemption for bonds
Pernod Ricard is proposing that it adds an early redemption option on its 2.5%, EUR489m OCEANE convertible bond due to be redeemed in January 2008.
To this effect, Pernod Ricard will convene a bondholders' meeting to approve a resolution which would introduce an early redemption option in respect of all bonds.
According to Emmanuel Babeau, CFO of Pernod Ricard: "This modification of the terms of the OCEANE would allow us to accelerate the conversion of the Bonds into shares permitting a strengthening of Pernod Ricard's equity in the short run and would be a first step towards the decrease of the debt in respect of the acquisition of Allied Domecq."
This conversion would result in the issuance of a maximum number of shares of 5,709,518 representing approximately 8.1% of the current share capital (prior the increase in share capital resulting from the acquisition of Allied Domecq), and a reduction of the debt in the amount of approximately € 490 M (in French GAAP).
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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