Pernod Ricard will restructure its whisky and Cognac operations. Although the US has not yet cleared the acquisition, Pernod will integrate the brands it bought from Seagram more closely with its own. The restructuring is the latest in a series of moves that have turned Pernod from a virtual nonentity into one of the drinks industry's largest players. It now has a better portfolio than Allied Domecq or Bacardi-Martini.