Diageo Plc expressed interest in getting a strong grip in United Spirits as it looks in expanding into international operations in the biggest whiskey market in the world. Diageo offered to acquire shares in United Spirits that could increase twice its holdings in the company, reported ET. After the intended acquisition was released on media outlets, the USL stock went up to a new record.
London-based Diageo offered to acquire additional USL stake in a deal valued INR11448.92 million. The additional 26 percent stake was offered at INR3030 per share piece. This would increase Diageo’s holdings in USL by 55 percent, reported ET.
Diageo is the manufacturer of popular brands including Johnnie Walker, Smirnoff vodka and Guinness stout. It owns 29 percent in United Spirits through Relay BV, making it the largest single shareholder in the firm. Ever since in took over in 2012, Diageo has been struggling to make a major foothold in United Spirits, said ET.
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