Diageo-Mallya deal announcement likely today

Last Updated: Fri, Nov 09, 2012 12:16 hrs

The world's largest producer of spirits, Diageo, has reached a deal for a stake in Vijay Mallya-owned United Spirits Ltd after months of talks, reports said.

The deal is worth close to a billion dollars and an announcement to this effect is expected on Friday.

However, Mallya will continue as chairman of United Spirits Limited.

Diageo and United Spirits have a combined market value of $3.2 billion.

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