26th Feb 2019 13:28
LONDON (Alliance News) - Diageo PLC said on Tuesday it intends to increase its stake in Sichuan Shujingfang Co Ltd to 70% from 60% through a partial tender offer.
Sichuan Shujingfang is a Chinese producer of baijiu, a liquor made from grain.
The partial tender offer has been priced at CNY45.00 per share, of CNY2.20 billion in total, or GBP249.0 million.
The offer is still currently being discussed, with both companies stressing that there is no certainty the acquisition will be made.
Shares in the FTSE 100-listed beer and spirits maker were up 1.4% at 2,960.00 pence on Tuesday.
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