Diageo agrees to buy 53.4 pct stake in United Spirits

Last Updated: Fri, Nov 09, 2012 10:52 hrs

Diageo Plc said on Friday it has agreed to buy a 53.4 percent stake in United Spirits for 111.67 billion rupees.

It will buy a 27.4 percent stake in United Spirits and will launch a mandatory tender offer to buy 26 percent more from the public shareholders of United Spirits, the company said in a statement.

The purchase would be the biggest inbound Indian M&A deal since British oil firm Cairn Energy Plc's sold a majority stake in its Indian business to Vedanta Resources Plc last year.

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