Allied Domecq was left looking "decidedly inept" last week when Constellation walked away from its £7.7bn bid, leaving just Pernod Ricard's £7.5bn offer on the table. Furious investors who piled into the stock in recent weeks will have suffered substantial losses. The Pernod offer still needs approval from European and US regulators before it can divide Allied's brands up with its partners, including Diageo. The Mail on Sunday 19/06/05 (Financial Mail) page 4 The Independent on Sunday 19/06/05 (Business) page 10