The London-headquartered Diageo Plc has re-launched a bid and offered to pay $1.9 billion for an additional 26 per cent stake in Bangalore-based United Spirits (USL). The open offer is expected to open on June 11 this year and close on June 24.
The move, the company’s second attempt to extend its reach in the world’s largest whisky market, is expected to further strengthen the yields for the global investors of Diageo, best known for its Johnnie Walker scotch whisky.
If successful, Diageo would end up with 54.8 per cent of India's largest spirits maker, which was previously controlled by tycoon Vijay Mallya, who has shed assets under heavy debt and the collapse of his Kingfisher Airlines.
United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
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