The two groups will bid for full control of Pioneer Distilleries

The two groups will bid for full control of Pioneer Distilleries

Diageo and United Spirits will bid to take full control of the Indian group's subsidiary Pioneer Distilleries with an open offer for INR157.9m (US$2.65m) worth of shares. 

In a filing to the Bombay Stock Exchange yesterday (11 July), Pioneer said the two groups will look to acquire around 2.47m of its shares at INR64.02 per share. The tender period will start on 28 August and end on 11 September, it said. 

The move follows Diageo last week completing on its deal to become the biggest shareholder in United Spirits, upping its stake to 25.02%