As the date for a rumoured offer nears, press reports have today looked at the possible fallout a deal might have. Both the Financial Times and Reuters report that Pernod's proposed takeover of Allied Domecq could have repercussions for Stolichnaya.

Citing a source familiar with the matter yesterday, Reuters warns that SPI Group, the owner of the vodka brand, is considering changing Allied as its distribution partner. "SPI is reviewing its options for distribution of its brands," the source told Reuters.

"They might not want Pernod to distribute their vodka brand, so they're talking to other people as well," the source added.

Without quoting a source, the Financial Times points out that the marketing and distribution agreement between Allied and SPI is believed to contain a change of control clause, meaning SPI could choose another partner for its vodka if Allied is acquired. Although Allied does not own Stolichnaya, the paper notes, it has an exclusive agreement to market and distribute the vodka in the US until 2010. Pernod is thought to value the Stolichnaya portion of Allied's business at between 25p and 30p per Allied share.

Following a report in La Tribune, saying that Pernod will offer 670 pence per share for Allied today, the French company declined to comment. La Tribune said that a proposal from Pernod and Fortune will be presented to Allied's board later today.