Diageo's open offer for United Spirits shares delayed - source
Jan 7 (Reuters) - Diageo Plc's mandatory share tender offer to buy up to 26 percent additional stake in India's United Spirits has been postponed as the companies are yet to receive Indian regulatory approvals, a source with direct knowledge said.
Diageo in November agreed to buy a majority stake in United Spirits Ltd, controlled by Indian businessman Vijay Mallya, for $2.1 billion, fuelling a push by the world's biggest spirits group into fast-growing markets.
The tender offer, which is part of a two-tranche deal that will give Diageo a 53.4 percent stake in India's largest spirits company, was set to start on Monday and close on Jan. 18.
A new timeline for the open offer will be announced after the deal receives approval from the capital markets regulator Securities and Exchange Board of India and the Competition Commission of India, said the source on Monday.
The source declined to be named as he was not authorised to speak to the media. United Spirits declined to comment on the open offer, while Diageo did not immediately respond to request for comment.
- Tweet this
- Share this
- Digg this
- No Russia-Ukraine gas deal at EU talks; Moscow queries finances |
- Sweden gets two new sightings, as hunt for undersea intruder goes on
- Hungary plans to impose new tax on Internet traffic
- UPDATE 1-Tennis-WTA Finals women's singles round robin white group results
- Special Report - Traffickers use abductions, prison ships to feed Asian slave trade