Pernod's rival pulls out of Allied race

DRINKS giant Pernod Ricard was given a clear run at Allied Domecq yesterday when a rival pulled out of the takeover race.

US-based Constellation Brands said it could not justify an offer for Allied because a deal would not create "sufficient value".

Constellation, the world's biggest wine maker, had teamed up with Southern Comfort owner Brown-Forman to try to gatecrash Pernod's planned takeover.