An announcement about a pending deal for Whyte & Mackay is due in the next two days, according to reports.

The Financial Express in India has said today (14 May), that the country's UB Group will finally seal the purchase of the Scottish company on Wednesday this week. UB's owner, Vijay Mallya, is cited in the report as saying that Whyte & Mackay's owners have demanded GBP700m (US$1.38bn) for the company. No indication was forthcoming from Mallya, however, over how much he would actually be paying for the company.

Earlier today, Whyte & Mackay confirmed that it "continues to have productive discussions with UB Group".

The company said, however, that it would be inappropriate to make any comment on pricing at this time.

The two sides began takeover talks way back in October last year.