Diageo’s United Spirits deal delayed

8th January, 2013 by Becky Paskin

Diageo’s £1.2bn deal to buy a majority stake in India’s United Spirits has been delayed.

United Spirits Scotch

Diageo will gain a majority share in United Spirits’ local whisky portfolio when the deal completes.

According to reports, part of the Diageo’s deal to by a 53.4% share in the Indian drinks group owned by Vijay Mallya, which is to be completed in two stages, has hit setbacks in India.

Diageo’s mandatory tender offer to acquire up to 26% of United Spirits shares has been delayed, as the group is apparently still waiting for approval from local regulators the Securities and Exchange Board of India and the Competition Commission of India.

The mandatory tender offer was due to begin on 7 January and close on 18 January, but now a new date is expected to be set.

A spokesperson for Diageo said: “The initial timings were clearly outlined as indicative only. We continue to work towards our initial timeline, which would see the transaction completing in Q1 2013.”

Leave a Reply

If that's interesting, how about these?

Smirnoff marks Pride with colourful designs

Diageo has teamed up with British television presenter Dawn O’Porter to more...

The week in pictures

From distillery openings and anniversary celebrations to schmoozing with rap more...

Baileys unveils dairy-free, gluten-free product

Diageo has launched a dairy-free and gluten-free variant of its Baileys liqueur more...

Stock Spirits releases special dividend

Troubled drinks producer Stock Spirits has announced a special dividend of 10p more...

Diageo reiterates 'remain' ahead of referendum

Ivan Menezes, Diageo CEO, has written to the UK-based company’s 4,773 more...

Eurocare calls for F1 alcohol sponsorship ban

Lobby group Eurocare has increased its calls for the sponsorship of alcohol more...

Lagavulin marks 200 years with 25YO expression

Diageo-owned Islay distillery Lagavulin has launched a 25-year-old expression more...

GlenWyvis distillery secures £1.5m funding

Scotch start-up The GlenWyvis Distillery Community Benefit Society has more...

The world's best-selling Indian whisky brands

From buoyant brands to troubled trademarks, the Indian whisky category saw it more...

Avión launches 'Tequila as art' campaign

Pernod Ricard-controlled Tequila brand Avión has launched its Yo/Elevado brand more...

Walsh Whiskey opens distillery in Carlow

Walsh Whiskey has officially opened its new €25 million distillery in Royal more...

Breakthru expands with Arizona acquisition

Newly formed US distributor Breakthru Beverage Group has become the full owner more...