Pernod Staying the Course, Avoiding Price Cuts

Dear Client:Pernod’s chief Pierre Pringuet said it’s too early to forecast an economic recovery and expects demand to be flat or slightly below in 2009. However, he said April trading was slightly better than March, and especially better than January or February. Pernod is still concerned with paying down debt. Pierre confirmed that Pernod is still in talks about future divestitures but nothing is definite yet. Of course he didn’t go into details during a call with analysts this week.Managing