Dive Brief:
- Diageo says it has taken control of United Spirits Ltd., through an open offer it first made to shareholders of India's largest distiller in April.
- Diageo, maker of brands such as Johnny Walker and Smirnoff, has pursued USL for quite some time. But an earlier offer to shareholders in 2013 garnered little interest.
- Diageo says its latest offer boosted its stake in USL to 54.8%, at a cost of $1.9 billion.
Dive Insight:
If at first you don't succeed ...
The folks Diageo's headquarters in London must be breathing a sigh of relief today. The company has put a lot of time and effort into making this deal happen. And USL shareholders have been less-than-enthusiastic about it.
But now Diageo has accomplished its goal: The world's largest distiller now controls the largest distiller in India, which is the world's fastest-growing market for whiskey.