:. Food Industry News

Categories: Mergers and Acquisitions

Four Players Eyeing India United Spirits Stake

Source: Reuters
09/03/2009

Mumbai, March 9 - Four global spirits makers, including Diageo , have shown interest in acquiring stake in India's United Spirits, the world's third-largest spirits maker, the Times of India said on Monday, quoting agencies.

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"United Spirits has received expressions of interest from four parties," the newspaper quoted United Spirits Chairman Vijay Mallya as saying.

He declined to give details of the other three interested parties, the paper said.

A spokesman for United Spirits could not be immediately reached for comment.

Last month, Mallya had said that United Spirits was prepared to offer a stake of more than 15 percent and board representation to Diageo, the world's largest alcoholic drinks group.

The United Breweries Group held about 37 percent of United Spirits as on Dec. 31, data from the BSE website showed.

Media reports have said United Spirits, which has a market value of about $1.1 billion, would use proceeds from the stake sale to reduce debt of $1.2 billion from its purchase of Scottish spirits maker Whyte & Mackay in 2007.



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