Pernod Ricard is withdrawing from the bidding for whisky-maker Glenmorangie, the world's third biggest drinks group said this evening.
In a one-line statement that gave no reason for its decision, Pernod said it was pulling out of the running to purchase a 52% stake in the Scottish company, which is being sold by the Macdonald family.
LVMH, the world's biggest luxury goods group that owns Hennessy cognac and Moet & Chandon champagne, is rumoured to be interested in the firm, though some analysts say that such a deal would raise questions over the future of its distribution agreement with Britain's Diageo.
Pernod already owns a large portfolio of whisky brands including Jameson, Chivas Regal, Aberlour and The Glenlivet.
