UK drinks company Diageo, which produces well-known brands including Johnnie Walker, Guinness and Smirnoff, is buying a 53.4% stake in India's United Spirits for £1.28bn.
The deal is expected to help Vijay Mallya, the owner of the Indian group, to reduce the company’s debt and free up funds to rescue Kingfisher Airline, whose planes are currently grounded. This morning, shares of United Spirits were growing at 27% to a 52-week high. Negotiations have been held since 2008. Diageo will initially…
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