Pernod Ricard is selling its “Old Bushmills” Distillery Company Limited, which includes “Bushmills” Irish whiskey, for about $363 million to Diageo.

“This is one of the industry’s oldest Irish whiskey brands and gives Diageo, for the first time, an important presence in this growing category,” said the company’s CEO Paul Walsh.

Pernod has also made a $13.42 billion offer for Allied Domecq, and offered Diageo an option to buy Allied Domecq’s Montana wine business if it successfully takes over the company. AP reports:

U.S.-based Constellation Brands Inc., the world’s biggest winemaker, faces a June 29 deadline to make an offer for Allied Domecq. A consortium led by Constellation lodged an “indicative proposal” with Allied last month about a possible bid, raising the chances of a bidding war for Allied Domecq, which is behind Beefeater gin and Stolichnaya vodka.

Shares in Diageo closed unchanged at 787.50 pence (US$14; euro11.7) on the London Stock Exchange ahead of the announcement. Pernod shares gained 0.1 percent to euro125.50 (US$154).

According to a press release, under the option relating to Montana, Diageo would acquire the majority of Montana’s New Zealand wine business. If exercised, Diageo would acquire all of the Montana business with the exception of the Corbans, Stoneleigh and Church Road wine brands and related assets which would be retained by Pernod Ricard.

The transactions of course require the completion of Pernod Ricard’s proposed acquisition of Allied Domecq. They are also subject to the approval of the relevant regulatory authorities and other normal conditions.

The Bushmills transaction and, if the option is exercised, the Montana transaction are expected to close by the end of 2005 or early 2006. Diageo has agreed not to enter any third party discussions in relation to any potential acquisitions from Allied Domecq, unless Pernod Ricard stops pursuing its acquisition of Allied Domecq.

“I am very pleased with this agreement which is good for the two companies and underpins the confidence which both we and Diageo have in the success of Pernod Ricard’s recommended offer for Allied Domecq,” said Pernod Ricard Chairman and CEO, Patrick Ricard.

Chris is a staff writer for Murdok. Visit Murdok for the latest ebusiness news.