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?

US Congress scrutinises Havana Club ruling

A Bacardi executive has testified at a US Congress subcommittee hearing as the more...

Lethal bootleg booze kills at least 26 in Indonesia

Police have made three arrests after at least 26 people were confirmed dead as more...

Vijay Mallya debt default costs Diageo $135m

Vijay Mallya, billionaire chairman of United Spirits, has cost Diageo US$135 more...

Scotch ‘leading exports’ to Latin America

UK businesses should follow Scotch whisky’s lead in trading with Latin more...

Breakthru Beverage Group names CFO

Newly formed Breakthru Beverage Group – now one of the leading drinks more...

Rémy Cointreau renews US distribution deals

Rémy Cointreau has renewed a series of exclusive distribution agreements in more...

Teeling raises €5m for Great Northern Distillery

John Teeling's Irish Whiskey Company has ditched equity sale plans after more...

Marie Brizard sales fall flat in 2015

Marie Brizard Wine & Spirits reported growth in the fourth quarter of its 2015 more...

Loch Lomond Scotch whiskies set for US debut

Independent distiller and blender, Loch Lomond, will enter the US market more...

Santamanía enters Australian market

Madrid distillery Santamanía has partnered with an Australian producer to more...

Oban Little Bay NAS Scotch to launch in UK

Oban Distillery is readying to launch its no-age-statement Little Bay Scotch more...

American whiskey boosts US spirits once again

Spirits experienced another year of “steady growth” in the US last year, more...

LVMH bolstered by China 'normalisation'

Reported sales for LVMH's Wine & Spirits division grew 16% in 2015 to more...

Diageo will 'contest vigorously' Mallya joint venture claim

United Spirits chairman Vijay Mallya has accused Diageo of failing to establish more...

Consumption of domestic UK spirits declines

UK drinkers are switching from local to international spirits brands as new more...

The fastest growing spirits in the US

For both established and fledgling brands, the US is the Holy Grail of all more...

Douglas Laing appoints new US distributor

Douglas Laing has announced a new US distribution partnership with Vision Wine more...

Diageo expands Orphan Barrel whiskey series

Diageo has unveiled the seventh offering in its “craft” whiskey project more...

MBWS 'pleased' with stock warrant result

Marie Brizard Wine & Spirits CEO Jean-Noël Reynaud is "pleased" with the more...

Scotch and baijiu among 'most valuable' brands

Two spirits brands have appeared in the new Global 500 list that counts down more...