LONDON - As a French and U.S. alliance of big beverage companies prepare a takeover offer for Britain's Allied Domecq PLC (AED), likely to be made next week, the world's biggest wine company is looking for a way to gin up a rival bid, say people familiar with the situation.

Constellation Brands Inc. (STZ) is interested in adding some of Allied's spirits brands to its lineup. Last year, Constellation purchased Napa Valley's Robert Mondavi Corp. for $1.03 billion, making it the world's top purveyor of wines.

In a meeting with analysts Thursday, Constellation Chairman and Chief Executive Richard Sands said he wouldn't comment on any specific deals. However, acquisition opportunities that would allow the company to expand in "premium and mid-premium" spirits categories "remain a priority."

Yet the Fairport, N.Y., company is too small to buy all of Allied, which has a market value of $13.4 billion, so is looking for other firms to join its effort, these people say. Constellation's market value is $6.5 billion .

The global beverage industry stands to be reshuffled by a takeover of Allied, considered one of the last big acquisition candidates in the rapidly consolidating liquor industry. The maker of Stolichnaya vodka and Beefeater gin, among other well-known liquor brands, said earlier this month it was in talks with Pernod Ricard SA of France, a union that would bring Pernod much closer to industry leader Diageo PLC (DEO).

Other big beverage companies have privately said they would like to acquire several of Allied's successful brands, but are either too small to make a run at buying all of Allied, like Constellation, or face a deal being blocked by competition authorities, like Diageo, which has a market share in several segments of the drinks business so large that it's unlikely to be allowed to acquire any further brands.

The only option left would be for two or more firms to join and mount a rival offer to one that's expected from Pernod, which is also working on agreements to sell some of Allied's brands that it doesn't want to Fortune Brands Inc. (FO) of the U.S.

Diageo's already massive scale means that it stands to gain little from participating in a joint bid, people familiar with the matter say. Diageo makes Johnnie Walker scotch and Smirnoff vodka. A Diageo spokeswoman declined to comment.

Others, such as Bacardi International Ltd., are already stretched financially because of recent acquisitions. Bacardi, of Bermuda , spent an estimated $2 billion buying Grey Goose vodka last year.

Another potential candidate is LVMH Moet Hennessy Louis Vuitton, of France , which owns Dom Perignon champagne and Belvedere vodka and beat out a bid by Pernod in an auction for Glenmorangie whisky last year. An LVMH spokeswoman declined to comment.

"The number of players has shrunk so much in this industry," there's only a few potential candidates for a rival bid, said Yoon-Chou Chong, head of U.K. equities at Aberdeen Asset Management, who owns some Allied shares but declines to say how may.

Pernod's potential acquisition seems like the best fit, he added. "The match seems agreeable to both sides, and has the most synergies. A consortium going in would have less."

Others say that a group bid for Allied would be mired in such legal and financial complexity that it would take away from commercial benefits.

Pernod is expected to complete its financial inspection of Allied next week and make an offer as soon as April 21, people familiar with the matter said.

- Jason Singer, The Wall Street Journal; 44-20-784-9224; and Dennis K. Berman, The Wall Street Journal; 212-416-3284

(Christina Cheddar Berk contributed to this story.) Dow Jones Newswires 04-14-05 1354ET Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.