Pernod clears last hurdle to Allied deal

John Rimmer

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The Canadian Competition Bureau approves the takeover deal tabled by Pernod Ricard and Fortune Brands, removing the final obstacle to completion

Pernod Ricard has confirmed that it has received clearance from the Canadian Competition Bureau to go ahead with its takeover of Allied Domecq, tabled in partnership with Fortune Brands. Approval in Canada was the final step in the clearance process, following the approval of US anti-trust authorities and the European Commission, along with the respective shareholders of the buying and selling companies.

Pernod stated that it now expects to meet the planned takeover schedule, with the scheme of agreement to come into force on July 26. Formal approval is also required from the High Court of Justice of England and Wales, with hearings due on July 22 and 25.

Pernod will become the world's second-biggest liquor supplier after Diageo once the deal is complete, and the world's fourth-biggest producer of wines.