EU approves Pernod takeover of Allied Domecq

24th June 2005, Comments 0 comments

BRUSSELS, June 24 (AFP) - European Union regulators gave their toast of approval on Friday to French beverages group Pernod Ricard's takeover of Allied Domecq.

BRUSSELS, June 24 (AFP) - European Union regulators gave their toast of approval on Friday to French beverages group Pernod Ricard's takeover of Allied Domecq.

The EU commission said its clearance of the deal was conditional on Pernod Ricard selling off its Scotch whisky brands Glen Grant, Old Smuggler and Braemar and Portuguese brandies 1920 and CR and F.

The EU executive arm, which polices antitrust issues in the 25-member bloc, also required the French group to give up some of its distribution agreements, said a statement by EU competition commissioner Neelie Kroes.

"Whilst this transaction strengthens Pernod Ricard's general position in the wines and spirits sector, the proposed remedies will reduce the direct overlaps and therefore maintain effective competition on all affected markets," it said.

Pernod Ricard, which owns the Chivas Regal whisky and Ricard pastis, bid EUR 10.7 billion on April 21 for British group Allied Domecq, which owns the Ballantine's whiskey and Beefeater gin.

Copyright AFP

Subject: French news

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