When, in a traditional Mexican cantina, it’s time for one for the road, drinkers ask for las penúltimas. It’s best not to tempt fate by calling the last drinks las últimas, simply because they might be the last ever.

A similar logic could be applied to Diageo’s efforts to acquire the world’s leading tequila maker, José Cuervo. Both companies have announced that the talks have irretrievably broken down. But some observers are not prepared to accept that the long-running saga is now finally over. Read more