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Allied Domecq is reported to be tendering a bid of £1 billion for the Australian wine giant Southcorp, as a fall back measure, should it lose out in the race for Seagram's spirits and wine business.Philip Bowman is thought to be confidant that Allied will buy Seagram's portfolio and close the gap on drinks rival Diageo, but is preparing the alternative if Diageo wins the Seagram jewel.


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