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UK: Pernod pulls out of Glenmorangie bidding

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Pernod Ricard announced yesterday that it is withdrawing from the bidding process for Glenmorangie Plc. The French wine and spirits group gave no reason for its decision.

Glenmorangie was put up for sale in August after the Macdonalds, the owning family, decided it was the best time to sell their controlling stake.

Pernod Ricard was one of six bidders that had gone through to a second round of talks. It was considered one of the favourites to succeed.

The other bidders still in talks include, LVMH, Edrington, Bacardi, Brown-Foman and William Grant & Sons.

Pernod Ricard's withdrawal may have left LVMH as the favourite. The French luxury goods group appears to be the only company in a position to keep Glenmorangie's Broxburn bottling plant open.
 
Sources close to the bidding were reported to believe Glenmorangie's owning family, the Macdonalds, would accept a lower bid in exchange for assurances about its 250-strong workforce at its West Lothian plant.


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