Diageo has declined to comment on reports that it is “standing by” to make a multi-million pound bid for Moet Hennessy.

Speculation that a Diageo bid for Moet Hennessy could be imminent has been sparked by Moet’s parent firm, LVMH, buildng up a 17% stake in fashion label Hermes over the weekend. Some analysts have suggested previously that LVMH might sell its Champagne, Cognac and Scotch whisky business to raise cash for acquisitions in the luxury sector.

When contacted by just-drinks today (25 October), a Diageo spokesperson declined to comment on reports that the firm was “standing by” to make a GBP10bn bid for Moet.

However, several analysts said they remained sceptical about talk of an impending deal. A source close to Diageo told just-drinks that LVMH’s tie-up with Hermes has not brought a deal for Moet any nearer.

Diageo’s CEO, Paul Walsh, has previously declared his interest in acquiring the 66% of Moet Hennessy that Diageo does not already own. Its 34% stake in Moet is currently the Guinness brewer’s only route into fast-growing Cognac sales in Asia and also the high-margin Champagne sector.  

LVMH’s chairman, Bernard Arnault, is thought to have been the major sticking point to a deal for several years. The 61-year-old has had little incentive to sell up. 

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“Despite this weekend’s developments, we do not believe an acquisition of Moet Hennessy by Diageo is imminent,” said Evolution Securities analyst Simon Hales.

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