News

UK: Diageo dumps brokers

Most popular

The opportunity for no-alcohol in the on-premise

Pernod is back in Kentucky, but why did it leave?

The just-drinks Analyst returns

How should adult soft drinks be sold to consumers?

Anheuser-Busch InBev Performance Trends 2014-2018

MORE

Diageo has appointed new corporate brokers. The drinks giant announced today (24 February) that Goldman Sachs and Credit Suisse First Boston will be the company's corporate brokers from 1 March. The decision is a blow to Cazenove and Merrill Lynch who have been dropped by Diageo.

"Merrill Lynch and Cazenove have during the last six years, in their role as broker to Diageo, provided a very high level of commitment and professional skill to the company during a period of significant strategic change," the company said in a statement. "Diageo is now focused on premium drinks and the board believes that at this time the company will benefit from the fresh perspectives a new group of advisors will bring."

Diageo is Cazenove's third major client loss since announcing plans to team up with US bank J.P. Morgan Chase & Co late last year. It is also Merrill Lynch's first loss of a FTSE 100 broking mandate since rival Morgan Stanley poached staff from Merrill's corporate broking team last year.

Cazenove, the UK's biggest corporate broker, has had a longstanding relationship with Diageo and advised on the merger of Grand Metropolitan and Guinness in 1987 that created the world's largest drinks group.


Sectors: Spirits, Wine

Companies: Diageo

Related Content

Why analysts are going ga-ga over Diageo, Heineken's & C&C Group's on-premise plays and why you need just-drinks - The just-drinks analyst

Why analysts are going ga-ga over Diageo, Heineken's & C&C Group's on-premise plays and why you need...

Diageo Performance Trends 2014-2018 - results data

Diageo Performance Trends 2014-2018 - results data...

Diageo Performance Trends 2013-2017 - results data

Diageo Performance Trends 2013-2017 - results data...

Comment – Wehring's Way – Walsh on his Way at Diageo

Comment – Wehring's Way – Walsh on his Way at Diageo...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?