Diageo To Pay $360M In Milestone Chinese Distiller Buy

Law360, New York (July 23, 2013, 4:37 PM EDT) -- Diageo PLC, the British company behind Johnnie Walker whiskey and other popular liquors, will pay £233 million ($360 million) to round out its stake in Chinese distiller Sichuan Chengdu Shuijingfang Group Company Ltd., continuing its push into Asia, the company said Tuesday.

The deal, approved by Chinese regulators, will give Diageo control over the 47 percent slice of Shuijingfang that it does not already own. For the past six years, Diageo has built up its stake and worked in tandem with Chinese partners to oversee Shuijingfang,...
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