Pernod SIFA yourself

One might not expect a French family-controlled company to be leading the consolidation of a global industry. But that’s precisely what Pernod Ricard is doing in the booze business. First it spent around E3bn buying Seagram’s spirits assets. Now it is poised to bid E11bn for Allied Domecq. How does the Ricard family keep the reins when its financing needs are so great? Part of the answer is that the group uses as much debt as it can to finance deals. But it can’t fund its expansion entirely thro...