Further to the approval of the US competition authorities (FTC), Pernod Ricard and Diageo today completed the acquisition of Seagram's spirits and wine businesses.

Pernod Ricard now owns the premium scotch Chivas Regal, The Glenlivet malt, Martell cognac, and Seagram's Gin in addition to large number of brands and networks across all continents.

Patrick Ricard, Chairman and CEO of Pernod Ricard said "This represents a key step towards the refocusing on our core business, spirits and wine.  Our market share has doubled in size following this acquisition."

Diageo meanwhile is paying US$5 billion for brands that include Captain Morgan and Crown Royal Canadian whisky, although ownership of Captain Morgan is being disputed by Allied Domecq. Pernod is paying US$3.15 billion for its share.

Diageo said: "At that time we announced that we expected to close the deal within a matter of days and Diageo is pleased that it has been able to achieve this."

Diageo Chief Executive Paul Walsh said: "We are delighted with this news as it further underlines Diageo's position as the world's leading premium drinks business."