Diageo ups stake in Chinese spirits group
Diageo has bought an additional 6% stake in Chinese white spirits company Sichuan Chengdu Quanxing Group (Quanxing), increasing its ownership in the business to 49%.
Diageo has bought an additional 6% stake in Chinese white spirits company Sichuan Chengdu Quanxing Group (Quanxing), increasing its ownership in the business to 49%.
As part of the deal, leading premium drinks business Diageo also increased its indirect interest in Sichuan Shui Jing Fang Co, a leading super-premium Chinese white spirits company.
Diageo first acquired a 43% stake in Quanxing in February 2007.
"This increase in our strategic shareholding underlines the strength of our partnership with Quanxing, our belief in the strong prospects for the Chinese white spirits category and our increasing commitment to Sichuan and to China as an excellent place to do business", said Paul Walsh, Diageo chief executive.
Diageo has a collection of alcohol brands across spirits, wines, and beer categories, including Johnnie Walker, Guinness, Smirnoff, J&B, Baileys, Cuervo, Tanqueray, and Captain Morgan among others.
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