Pernod Ricard, the French drinks group, on Wednesday announced plans for a €1bn ($1.3bn) rights issue and the sale of its Wild Turkey bourbon brand to Campari of Italy.

The deal to sell Wild Turkey raised $575m (€433m) for Pernod and was valued at 12 times the expected earnings before interest, tax, depreciation and amortisation (ebitda) in the first 12 months following the deal’s closing.