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Diageo can breathe a sigh of relief after offloading Burger King which it sold yesterday to Texas Pacific, Bain Capital and Goldman Sachs for $2.26 billion. But what should it do with the money? Investing in the core spirits offering seems like the best plan. In the absence of major Seagram-style acquisition opportunities, it may snap up some smaller brands - but much of the spending should go on strengthening its marketing and distribution capabilities.


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