Blog: Are Diageo's stars aligning in Turkey?
Chris Mercer | 11 February 2011
Diageo could be shaping up to enjoy a breakthrough year in Turkey.
For a start, Turkey's parliament is in the final stages of pushing through legislation proposals that would allow the Government to settle a six-year tax dispute with international drinks companies.
Diageo did not trade in Turkey in the first half of its current fiscal year, due to the tax issue.
Secondly, Turkish spirits group Mey Icki is attempting to list on the Istanbul stock exchange. The group is seeking to raise investment and Mey Icki could be Diageo's route back into Turkey if the spirits group's private equity owner, TPG Capital, thinks the price is right.
Diageo was linked to Mey Icki before Christmas. Meanwhile, Diageo's CEO, Paul Walsh, said yesterday that the drinks giant will seek more acquisitions in emerging markets.
Of course, politics in Turkey could yet quash a tax deal and that would put everything on ice. Worth keeping your eye on, however.
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