The tortuous auction of Seagram’s spirits labels yesterday drew to a close as Diageo and Pernod Ricard’s bid of $8.15 billion was accepted following all-night negotiations.

However, a few complications remain. Ownership of the Captain Morgan rum brand may be disputed by an obscure Puerto Rican distiller and US distribution rights for Absolut vodka are yet to be settled, not to mention the inevitable regulatory scrutiny.

The bidding duo hope to seal the deal by March. They will then start auctioning off Seagram’s smaller brands.

News source: Financial Times