INDIA: Diageo takes initial 10% of United Spirits, exec joins board
The deal was first announced last November
In a filing to the Bombay Stock Exchange yesterday (27 May), United Spirits said that it has approved the sale of around 14.5m shares at INR1,440 (US$25.73) per share to Relay, a Diageo subsidiary, through a perferential allotment agreement. Earlier this month, Diageo confirmed it had only managed to acquire 0.4% of the group through a mandatory tender offer.
The UK group has agreed to take a 27.4% stake in United Spirits, but was hoping to up its stake in the firm to 53.4% through the MTO.
Meanwhile, Gilbert Ghostine, Diageo's Asia-Pacific president, has joined the board of United Spirits, with his appointment taking effect yesterday.
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