Joint Acquisition of Seagram Liquor OKd

Diageo and Pernod-Ricard won U.S. approval to complete their $8-billion acquisition of the Seagram liquor business after Diageo agreed to sell a brand of rum.

The Federal Trade Commission had challenged the joint acquisition from Vivendi Universal, saying it would give Diageo too big a share of the U.S. rum market.

The FTC accepted Diageo’s offer to sell its Malibu rum business in six months.

Vivendi bought Montreal-based Seagram last year for $30 billion to obtain Universal Music Group and Universal Studios. It is spinning off the Seagram liquor business to reduce its debt.