diageo plc (DGEAF) Key Developments
United Spirits Eyes Investment Bankers For Whyte & Mackay Sale
Dec 5 13
United Spirits Limited (BSE:532432) has started the process of appointing investment bankers for the sale of Whyte & Mackay Ltd. brands. Investment bankers such as the Citigroup, Bank of America Merrill Lynch, JP Morgan and UBS have made their initial pitches to United Spirits to win the sell-side mandate. The Board of United Spirits, controlled by Diageo plc (LSE:DGE), is expected to meet shortly to finalize the investment bankers.
Diageo Settles Thalidomide Case in Australia
Dec 2 13
A class action over birth defects linked to the morning sickness drug, thalidomide, was settled in an Australian court, with the British distributor agreeing to pay victims AUD 89 million. Lawyers representing about 100 Australian and New Zealand victims of the drug told the Victorian Supreme Court that settlement had been reached with Diageo. The lawsuit's lead plaintiff, Lynette Rowe, settled her own case against Diageo in July, 2012.
Vasari Interested In Buying Assets From Diageo
Nov 29 13
Former Chief Executive of Whyte & Mackay Ltd., Vivian Imerman is interested in acquiring the whisky assets back from Diageo plc (LSE:DGE). This was announced by Vivian Imerman’s Vasari Global on November 29, 2013. According to the news report, Diageo may be forced to sell most of Whyte & Mackay's whisky assets. Vasari Global stated that it would be interested in buying back assets should Diageo be forced to sell them. The company sid, “Whyte and Mackay would make an important addition to the portfolio of spirits and beer businesses in Africa and Asia where Mr Imerman has been concentrating his efforts through his company Vasari. The W&M brand would be complementary to the strategy of acquiring and growing businesses in these regions to take advantage of rapid consumer growth.” The news report said that Diageo declined to comment. Diageo has offered to sell Whyte & Mackay's Invergordon, Jura and Fettercairn grain distilleries and would like to keep the Dalmore and Tamnavulin malt distilleries.
Diageo Ready To Sell Most Of Whyte & Mackay Assets
Nov 26 13
Diageo plc (LSE:DGE) has offered to sell most of Whyte & Mackay Ltd. 's whisky assets to address competition concerns arising from its July 2013 acquisition of a controlling interest in India's United Spirits. However, the watchdog has agreed not to refer the deal to the Competition Commission while it considers Diageo's offer to sell most of the Whyte & Mackay business. A sale of Whyte & Mackay would exclude the Dalmore and Tamnavulin malt distilleries under a proposal put forward by the owner of Johnnie Walker and Guinness.
Diageo Reportedly To Launch Second Open Offer To Buy Majority Stake In United Spirits
Nov 26 13
Diageo plc (LSE:DGE) is reportedly expected to launch second open offer to acquire majority stake in United Spirits Limited (BSE:532432), VC Circle reported citing unnamed people familiar with the matter. The new offer price could push the overall deal value for Diageo to around $2.7 billion or more, over 29% higher than the original investment plan, VC Circle reported.