United Spirits shares gain 35% after Diageo deal

Diageo announced its intention to buy up to 53.4% of India’s leading spirits maker
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First Published: Mon, Nov 12 2012. 10 47 AM IST
A file photo of Vijay Mallya. London-listed Diageo, which is expanding aggressively in emerging markets, will initially buy a 27.4% stake in United Spirits, which will trigger a public offer to other shareholders. Photo: Hemant Mishra/Mint
A file photo of Vijay Mallya. London-listed Diageo, which is expanding aggressively in emerging markets, will initially buy a 27.4% stake in United Spirits, which will trigger a public offer to other shareholders. Photo: Hemant Mishra/Mint
Updated: Mon, Nov 12 2012. 06 36 PM IST
Mumbai: Shares of United Spirits Ltd gained 34.94% at Rs 1,834.60 on BSE on Monday after British drinks giant Diageo Plc announced a $2 billion (Rs 10,980 crore today) deal to buy a majority stake in the firm.
Two leading brokerage firms CLSA and Nomura said they saw the Diageo deal, announced after BSE closed last Friday, as positive for United Spirits’ investors since it would reduce debt.
Diageo announced its intention to buy up to 53.4% of India’s leading spirits maker, which would give it a commanding presence in the world’s biggest whisky market.
London-listed Diageo, which is expanding aggressively in emerging markets, will initially buy a 27.4% stake in United Spirits, which will trigger a public offer to other shareholders.
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First Published: Mon, Nov 12 2012. 10 47 AM IST
More Topics: United Spirits | Diageo | Vijay Mallya | stock | shares |
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