Is the world's largest and most profitable spirits company.

It recently ended an attempt to acquire Invergordon, a spirits company in Europe.

To date, no major wine or spirits company has publicly said that it might be interested in Vincor.

Making a joint bid with another spirits company could theoretically give Pernod the mass to get a deal done.

When they came out of it as a spirits company, they set pretty high sales and earnings targets.

Diageo, the world's largest spirits company, is among those that take a different view.

The other core business is United Distillers, the world's most profitable spirits company.

He said American Brands would probably retain current management of the spirits companies.

But which distilled spirits company is likely to wind up as their new owner?

Peter Day looks at the boom in small-scale spirits companies.