4th Apr 2019 13:12
LONDON (Alliance News) - Smirnoff vodka maker Diageo PLC on Thursday said its partial tender offer for shares in Sichuan Shujingfang Co Ltd has closed with Diageo's stake raised just 3.1%.
Diageo had intended to increase its stake in Sichuan Shujingfang, which makes the grain liquor baijiu, to a maximum of 70% from its prior position of 60%.
In total, 15.3 million shares were tendered for acceptance under Diageo's offer - equivalent to a 3.1% stake. Diageo will buy all shares tendered, taking its holding to 63%.
Shares in Diageo were up 0.1% at 3,102.50 pence on Thursday.
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