UK/INDIA: Still more to do on United Spirits deal - Diageo
Diageo is still waiting on SEBI clearance
Yesterday (28 February), the Competition Commission of India (CCI) said on its website that it has cleared Diageo's INR111.7bn (US$2.05bn) buy of a majority share in United Spirits. However, Diageo told just-drinks today that it is still waiting for clearance from the Securities and Exchange Board of India (SEBI).
A spokesperson said: “I can confirm that Diageo has received CCI approval. SEBI clearance has not been received; we have received SEBI's letter of observations and are responding to it.”
Last month, SEBI confirmed on its website that it had sent Diageo a "letter of observation", but its comments on the deal are not public.
Diageo also requires approval from India's central bank, the Reserve Bank of India, before it can launch the tender offer. The spokesperson said: “We intend to launch the mandatory tender offer within 12 working days of the receipt of all applicable statutory approvals.”
Diageo announced its long-expected play for a stake in United Spirits in November.
- Interview - Beam Suntory's EMEA president
- Beckham, Diageo and the Allure of the VIP Pop-Up
- What do A-B InBev results mean for SABMiller deal?
- Interview - William Grant & Sons
- Interview - Beam Suntory's EMEA head - part II
- Diageo, Beckham launch VIP pop-up for Haig Club
- Pinnacle Vodka, Skinnygirl roll out on ice
- Diageo completes Don Julio, Bushmills swap deal
- Diageo reveals US$400m Tequila investment
- Beam Suntory strikes new Baltics tie-up
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Wine, 2014 and the future
- Beam Suntory Inc. - Strategy and SWOT Report
- Spirits and RTDs, 2014 and the future
- Global RTD/RTS insights - market forecasts, product innovation and consumer trends research