INDIA: Diageo, United Spirits move for Pioneer Distilleries shares
The two groups will bid for full control of Pioneer Distilleries
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%.
India’s largest spirits producer, UB Group’s United Spirits, came under the control of global leader, Diageo, in 2013. The profile analyses the most promising ways forward for United Spirits’ strong d...
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