Pernod Ricard on Wednesday warned of slower earnings growth this year as it confirmed a pending €1bn ($1.33bn) rights issue and the disposal of Wild Turkey bourbon to Campari for $575m to cut debt.

It was the second time in two months that the drinks company, the world’s second largest behind the UK’s Diageo, had downgraded its earnings outlook, sending the shares 7 per cent lower to €41.34 in a flat market on concerns that the trading outlook had deteriorated.