Allied Domecq pulls out of Seagram bid

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Related tags: Allied domecq, Pernod ricard

Allied Domecq announced on Wednesday that it has pulled out of the
auction forSeagram's spirits and wine business, the Financial Times
reports. The...

Allied Domecq announced on Wednesday that it has pulled out of the auction forSeagram's spirits and wine business, the Financial Times reports. The UKdrinks group accompanied the announcement with news of a separate acquisitionof French champagne houses GH Mumm & Cie and Champagne Perrier-Jouet fromHicks, Muse, Tate & Furst for E575m. Vivendi Universal, Seagram's newowner, now has just two competing bids, each of which is worth close to $8bn(£5.4bn).An alliance of Diageo of the UK and Pernod Ricard of France is competing witha partnership formed by Bacardi, the rum maker, Brown-Forman, the group behindJack Daniel's, and Vin & Sprit, the Swedish owner of the Absolut vodka brand.

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