UK: Pernod's Allied ambitions stall - report
Market speculation that a takeover bid for Allied Domecq will emerge is beginning to cool down.
The news agency Reuters today (March 2) said that Pernod Ricard, which was thought to be looking for a partner to launch a takeover, has struggled to generate much enthusiasm for the deal amongst other drinks companies.
One banking source was quoted saying: "Don't expect anything soon or at all. There has been some issues with potential partners getting involved."
Speculation began when it was reported that Pernod was studying a possible takeover of the UK-based drinks firm. Although the two drinks companies have not been in contact yet, sources said, Pernod had apparently asked J.P. Morgan and Morgan Stanley to explore potential acquisitions among a list of companies that will allow it to expand its global reach.
It was thought Pernod would need a partner to help it clear financial and regulatory hurdles in any takeover. Fortune Brands, which owns Jim Beam, was among the favourite possibilities.
However, it is thought many of the potential partners have competition issues with Allied's brands or are family-owned businesses unwilling to give up tight control of their firms.
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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