BLACKSTONE, the American private-equity group, is plotting a fresh bid for Allied Domecq’s restaurant division after the collapse of Constellation Brands’ proposed bid for the British drinks giant.

Blackstone, which had been part of the Constellation-led consortium that pulled out of the race for Allied on Friday, is seeking talks with Pernod Ricard, the French company that now looks certain to win control of Allied, owner of brands such as Malibu rum and Beefeater gin.

The private-equity giant is thought to have participated in the Constellation bid to get its hands on Allied’s restaurants arm, which includes Dunkin’ Donuts and Baskin Robbins.

A deal would cost Blackstone some £1.1billion, say analysts. It will face stiff competition from other private-equity firms as well as a number of interested trade buyers. Blackstone declined to comment.

The restaurants business is seen as non-core by Pernod, which will become the world’s second-biggest wine-and-spirits company if it gains regulatory and shareholder approval for the £7.6 billion takeover. Pernod is bidding with its smaller American rival, Fortune Brands, whose size will be transformed if the takeover is successful.

As part of the deal, Pernod has agreed to sell the Bushmills whisky brand and a range of Allied’s wine assets to Diageo, the industry’s biggest player. Diageo secured the assets after agreeing not to hold further talks with the Constellation consortium, which also included private-equity firm Lion Capital and Brown-Forman, the maker of Southern Comfort.

Analysts believe the Allied takeover will spark a wave of consolidation within the global drinks industry, with Rémy Cointreau, Brown-Forman and Constellation itself now seen as possible takeover targets.

The deal will bring hefty fees to investment banks, such as Goldman Sachs, acting for Allied, and Deutsche Bank, JP Morgan and Morgan Stanley, acting for Pernod, and CSFB, acting for Fortune Brands.

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