INDIA: Diageo "pleased" to win United Spirits Supreme Court appeal hearing
Diageo is moving to take majority control of United Spirits.
In a statement to just-drinks today (11 February), the company said it is “pleased that our appeal will now be heard”, while maintaining that its purchase of a 6.98% stake in United Spirts from UB Holdings last year was “genuine and bona fide”. In December, the Karnataka High Court declared the stake purchase, which forms part of Diageo's attempt to take majority control of United Spirits, null and void.
Diageo said in the statement: “Diageo remains of the view that the Karnataka Appeal Court decision was wrong in law and based on erroneous facts.”
The company also said that, while the matter is being heard by the Supreme Court, it remains the legal owner of the 6.98% stake.
The Supreme Court will hear Diageo's appeal in April.
The stake was part of a 14.98% tranche of shares bought from UB Holdings in July. The remainder of the shares is not being contested.
Diageo currently owns 28.78% of United Spirits, it said.
MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organi...
The world’s leading spirits producer, Diageo also ranks 23rd in the global wine market. This profile analyses the challenges faced by Diageo’s wine operations, which sit uncomfortably with the company...
Spirits in Global industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2009-13, and forecast to 2018). The profile also contains...
Spirits in Asia-Pacific industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2009-13, and forecast to 2018). The profile also co...
- Pernod Ricard 's first-half results - Preview
- Pernod Ricard's H1 performance by region - Focus
- Carlsberg's Q4 & full-year results - Preview
- Heineken's FY performance by region - Focus
- Carlsberg's full-year performance by region
- Asahi Group lines up Grolsch, Meantime, Peroni buy
- Diageo completes wine category exit in US
- Pernod Ricard targets US through unit, exec switch
- William Grant & Sons' Ailsa Bay - NPD
- Beam Suntory targets Kenya with Edrington/FIX
- Global travel retail insights - market forecasts, product innovation and consumer trends
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Global Whiskey Market 2016-2020
- Emerging Drinks Industry Trends
- Global sparkling wine insights - market forecasts, product innovation and consumer trends research