Constellation Consternation

The world’s biggest wine company, Constellation Brands, has pulled out of the takeover campaign for Allied Domecq, leaving the way clear for Pernod Ricard.

 It is unclear exactly what happened to the bid, with accounts from both parties differing slightly, but after the Allied board was presented with a revised offer of 720p a share, talks collapsed.

Constellation says that Allied’s heavy-handed tactics relating to the public disclosure of its offer was to blame for the collapse.

Allied, on the other hand, insists it was duty bound to inform the market about the offer as soon as possible.