Pernod Ricard will be able to keep five key brands in New Zealand after the country's competition watchdogs ruled that retaining them would not affect competition in the local wine and spirits market.

New Zealand's Commerce Commission had launched a probe into the implications of Pernod not offloading the five brands - Lindauer, Aquila, Chardon, Chasseur and Italiano - after the French drinks giant bought Allied Domecq last year.

The Commission had asked Pernod to sell on the brands after buying Allied but launched the investigation after Pernod hinted it may keep the stable.

However, earlier this week, the Commission said: "The (Allied) acquisition is unlikely to have resulted in a substantial lessening of competition in any market".

Pernod declined to comment when contacted by just-drinks today (6 July).