Pernod Ricard has ruled out making more acquisitions in the near term and emphasised that its €1bn ($1.3bn) rights issue, which launches on Thursday, will be devoted to paying down debt.

“The proceeds of the rights issue will be entirely used for reimbursing the debt,” said Pierre Pringuet, chief executive, adding that he wanted to deleverage the company. “Whatever will happen in the industry we won’t look at it today.”