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