Pernod Richard and its partner Fortune Brands could be facing problems integrating Allied Domecq, allowing rivals to win swift market-share gains. However, in the longer term, Pernod and Diageo will be able to make life more difficult for smaller spirit makers, whose distribution partnerships may be put under strain. The European Commission cleared the acquisition of Allied yesterday, on the condition that it disposes of several Scotch whisky brands and Portuguese brandies, and ends some distribution arrangements. Financial Times 25/6/05 page 16 (Lex), page M2 (Lombard, Money & Business) The Times 25/6/05page 59 (Business)

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