LONDON — British drinks company Allied Domecq PLC has agreed in principle to be acquired for $14.2 billion by French and U.S. rivals Pernod Ricard SA and Fortune Brands Inc., a person familiar with the deal said Wednesday.

Allied Domecq's board has accepted the broad outline of the offer, but some details remain to be settled before it can be finalized and announced, the person said, speaking on condition of anonymity. That could happen as soon as today, the person said.

The Wall Street Journal reported on its Web site that Allied Domecq had accepted an offer that would see its brands — including Ballantine's whiskey and Beefeater gin — divided between Pernod and Fortune.

French beverage group Pernod has brands including Martell cognac and Jacob's Creek wine. Fortune, a U.S.-based liquor, sports equipment and household products company, distributes Jim Beam whiskey and Absolut vodka.

If completed, it would be the fourth largest takeover in the food and beverage industry worldwide, according to figures from Thomson Financial, topped only by Unilever PLC's 2000 acquisition of Bestfood, Grand Metropolitan PLC's acquisition of Guinness PLC in 1997 that led to the creation of Diageo PLC, and Philip Morris Cos.' (now known as Altria Group Inc.) purchase of Nabisco Holding Corp. in 2000.

Pernod spokeswoman Florence Taron confirmed that the company had made a friendly bid for Allied Domecq and said details would be released early today Thursday. Allied Domecq declined to comment on the report. Fortune Brands spokesman C. Clarkson Hine said: "As a matter of company policy, we don't comment on rumor or speculation."

Pernod and Fortune are prepared to offer the equivalent of 670 pence ($12.90) per share, the person familiar with the deal said. Allied Domecq shares closed Wednesday at 643 pence ($12.34) on the London Stock Exchange, up 0.7 percent.

The Journal reported that Pernod would get about two-thirds of Bristol, England-based Allied's spirits brands by value, bringing it into closer competition with Diageo, the world's top drinks company.

About 80 percent of the bid would be in cash, with the rest in Pernod Ricard shares, the newspaper said. Citing unidentified sources familiar with the deal, it said Fortune would provide nearly half the cash and would acquire more of the brands that have high profiles in the United States.