UK: Press round-up – AD, Pernod & Fortune. Day 4
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion.
In Les Echos today (8 April), analysts have warned that the offer would cause a major shift in the sector and could also create tension in existing partnerships and in distribution.
The newspaper highlights that Fortune Brands is a member of global distribution network Maxxium, with Remy Cointreau. If the US company acquires Courvoisier through its purchase of Allied, then it will be in direct competition with Remy Cointreau, which sells its Remy Martin brandy via Maxxium.
The Times, meanwhile, reports that the two companies are rushing to complete due diligence on their joint bid in the next two weeks to reduce the chance of a counter-bid from rivals. Although the paper does not quote any sources, it suggests that the two are hoping to announce a bid of about GBP9.2bn including debt alongside Allied's interim results on 21 April.
The Financial Times reports that pension scheme trustees at Allied are planning to seek external advice on the impact a bid might have. The trustees met yesterday, the paper says, to discuss the talks between Pernod, Fortune and Allied.
Under the terms of the trust deed, the paper notes, any change of ownership at Allied would give the pension trustees power to demand reassurances from the purchaser about the future viability and funding of the UK pension scheme.
The newspaper quotes Allied saying: "Members can be reasssured that any decisions of the trustee boards will be based on the trustees' obligations to act in the best interests of all members."
Conflicting reports circulated this weekend over whether Bacardi International is looking to form a counter-bid for Allied Domecq....
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....
Diageo is to launch a new global advertising campaign for Smirnoff Ice. The first ad in the global campaign, 'Garden', launches in Great Britain on April 11th on terrestrial and satellite TV. ...
Maxxium Global Travel Retail is to enter the US duty free market on 1 July 2005, when it will take over responsibility for the brand portfolios currently represented by Future Brands Duty Free and DFD...
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