Diageo Seeks Additional United Spirits Shares -- Update
April 15 2014 - 2:13AM
Dow Jones News
By Debiprasad Nayak
MUMBAI--U.K. liquor giant Diageo PLC and its Dutch unit Relay
B.V. on Tuesday made a $1.9 billion open offer to buy an additional
26% stake in India's United Spirits Ltd. from public
shareholders.
Diageo is looking to buy up to 37.8 million United Spirits
shares at 3,030 rupees (about $50) a share, the Indian company said
in a stock-exchange filing.
If the deal is successful, Diageo's stake in United Spirits will
rise to 54.78%, the filing said. Further details of the open offer
will be announced on or before April 23.
Shares of United Spirits jumped 11% to 2,844.90 rupees on the
news on the Bombay Stock Exchange.
Write to Debiprasad Nayak at debi.nayak@wsj.com
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