Mallya's Diwali: United Spirits up 6% on Diageo deal hopes

Written By Unknown on Jumat, 09 November 2012 | 15.45

Shares in United Spirits rose  6.1 percent on hopes its parent company will finalise a deal to sell a stake to Diageo soon.

Diageo and United Spirits, which has a market value of arou nd USD 3.2 billion and in September both two companies said that they were in talks about a possible deal.

Diageo, the world's biggest spirits group and maker of brands including Johnnie Walker whisky, Guinness beer and Smirnoff vodka, has long awaited an expanded presence in India. The deal would ramp up Diageo's presence in the world's largest whisky market, while Vijay Mallya will gain much-needed cash to reduce company debt. It could also free up funds to revive his grounded Kingfisher Airlines, say reports.

Further, reports suggest that Diageo is likely to end up with a 51% stake in United Spirits through a combination of share purchase, buying new shares and launching a mandatory open offer to minority shareholders.

Other terms, including the deal value, are not immediately available.


 



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