Drinks giant Allied Domecq was today closer to being swallowed by rival Pernod Ricard after regulators in the United States gave the deal the green light.

BRITAIN’S Takeover Panel yesterday set a June 29 deadline for a consortium headed by Constellation Brands to make a rival offer for spirits group Allied Domecq which has already agreed to be taken over by France’s Pernod Ricard.

A potential takeover offer for drinks giant Allied Domecq today helped the FTSE 100 Index to bed in above the 4900 barrier.

Drinks group Allied Domecq topped the list of blue-chip risers in London today after talk of possible bid interest sent its shares up by almost 3%.

US Stocks fell today after three days of gains as investors dealt with the likelihood of interest rates rising significantly higher than expected when the Federal Reserve meets later this month.