They, along with rival beverage companies, could make a counterbid or force Pernod to raise its offer.

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But Barclays' president, Bob Diamond, dismissed speculation that a counterbid is in the cards.

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Predictably, Italian suitors began to line up in preparation for a counterbid.

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Although theories of a counterbid from Russian company Severstal for Anglo-Dutch steelmaker Corus appear increasingly unlikely, the firm's billionaire owner, Alexei Mordashov, still has ambitious international expansion plans for his business.

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Gallaher has recommended that shareholders accept the bid, but the share price moved to a 12 pence premium to the 11.40 pounds offer price in Friday trading, suggesting investors thought a counterbid could be forthcoming.

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