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Pernod denies Jose Cuervo takeover bid

Pernod Ricard has confirmed its interest in Tequila brand Jose Cuervo, but has denied a takeover bid is mounting.

Jose Cuervo Diageo
Pierre Pringuet finds Jose Cuervo Tequila “desirable”

Speaking with journalists in London this morning as the group presented its half-year results for 2012/13, Pernod Ricard CEO Pierre Pringuet confirmed reports last week that he found the Tequila brand, owned by the Beckmann family, “appealing”.

Diageo’s refusal to renew its distribution contract for the brand – which ends in June 2013 – and abandonment of takeover discussions in December has fuelled speculation as to the future of Cuervo.

However, Pringuet denied Pernod Ricard had made a formal move for the brand as yet.

“There is no on-going discussion with Cuervo,” he said. “We know them well and Cuervo is a desirable brand. We are able to pick up the phone very easily but there is no on-going discussion.”

Pernod reported a net sales growth of 6% in its half-year results, fuelled by premiumisation, emerging markets, the US and its Top 14 brands and local Indian whisky portfolio.

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