Drinks-maker Bacardi will buy the 70% stake in tequila manufacturer Patron for a $5.1 billion valuation. That’s being driven by rapid tequila sales growth. The rate of growth shouldn’t be overstated though, with exports of tequila from Mexico having expanded by 8% in the past 12 months to reach $1.44 billion on a pre-duty basis. Patron was the third largest exporter in the past year, and has caught up with number two supplier Tequila Sauza after expanding by 21%. Number one exporter Jose Cuervo has been in decline with a 12% drop in exports in the past year after reaching a peak ahead of...