Allied Domecq May Be Near Deal to Sell

British drinks company Allied Domecq has agreed in principle to a $14.2-billion takeover offer from French and U.S. rivals Pernod Ricard and Fortune Brands Inc., a person familiar with the deal said Wednesday.

Allied Domecq’s board has accepted the broad outline of the offer, but some details remain to be settled before the agreement can be finalized and announced, the person said, speaking on condition of anonymity. That could happen as soon as today, the person said.

The Wall Street Journal reported earlier that Allied Domecq had accepted an offer that would see its brands -- including Ballantine’s whiskey and Beefeater gin -- divided between Pernod and Fortune.

Allied also owns prominent California food brands Togos and Baskin-Robbins and wineries in Sonoma County and Napa Valley such as Clos du Bois.

French beverage group Pernod has brands including Martell cognac and Jacob’s Creek wine.

Fortune, a U.S.-based liquor, sports equipment and household products company, distributes Jim Beam whiskey and Absolut vodka. Fortune also is a player in California wine, producing Geyser Peak and Canyon Road wines in Sonoma County and the Wild Horse winery in Templeton.

Pernod spokeswoman Florence Taron confirmed that the company had made a friendly bid for Allied Domecq and said details would be released early today.

Allied Domecq declined to comment on the report. Fortune Brands spokesman C. Clarkson Hine said: “As a matter of company policy, we don’t comment on rumor or speculation.”

Pernod and Fortune are prepared to offer the equivalent of 670 pence ($12.90) a share, the person familiar with the deal said. Allied Domecq shares closed at 643 pence ($12.34) on the London Stock Exchange, up 0.7%.

Fortune Brands shares fell $1.81, to $83.85, on the New York Stock Exchange. Pernod Ricard shares fell 0.1% to 116.90 euros in Paris trading.