Fitch, the rating agency, has warned that Pernod Ricard and Fortune Brands' potential takeover of Allied Domecq could be bad news for holders of £2bn (€2.9bn) of Allied Domecq's bonds because the deal is likely to be completely paid for with debt.

Any increase in the amount of debt for the combined group could result in Allied Domecq's bondholders losing some of their rights. Fitch said this was likely.