Diageo's High Spirits Uncork Allied Domecq Speculation.

Focuses on investment speculation that Allied Domecq will be the target of a merger or acquisition in the global spirits and liquor industry. Comments of Philip Bowman, Allied's chief executive officer, about the inevitability of consolidation; Impact of industry giant Diageo on investor speculation; Prospects for a merger; Performance of Allied on the New York Stock Exchange; Comments from Michael Bleakly, analyst for Credit Suisse First Boston, regarding Allied's valuation.