Bacardi is said to be working on flotation plans to raise £5bn for it to expand.
The family-owned Bermuda-based drinks group whose brands include Bacardi Breezer, Bombay Sapphire gin and Martini is set to discuss the plans at a special shareholder meeting on May 6, according to The Observer.

Venture capital group CVC is considering a £500m bid for Britvic, the soft drinks company controlled by Six Continents.
The Observer said CVC needs to persuade Britvic's other major stakeholders, Allied Domecq, Whitbread and PepsiCo, to sell their shares if a bid is to succeed.
Investment bankers say Britvic is also being stalked by private foods group RHM, and by another venture capitalist, Hicks Muse Tate & Furst.

Plans to open up the UK pharmacy market to greater competition have split ministers, according to the Independent on Sunday.
Chancellor Gordon Brown is said to want the Department of Trade and Industry to open up the market to full competition, in support of the OFT report into the sector. Health secretary Alan Milburn wants to maintain the status quo and believes deregulation would threaten small chemists as supermarket operators increased their pharmacy business. The final decision rests with Trade and Industry secretary Patricia Hewitt.