Diageo Abandons Cuervo Bid, Feeding Beam Buy Rumors

Law360, New York (December 11, 2012, 12:03 PM EST) -- Global beverage titan Diageo PLC walked away from negotiations for a piece of tequila brand Jose Cuervo, it said Tuesday, stoking speculation that it would instead pursue a stake in Beam Inc., the maker of Jim Beam whiskey and Sauza tequila.

The stalled-out merger discussion between U.K.-based Diageo and Jose Cuervo parents JB y Compania SA de CV and Lanceros SA de CV traces back to last year. Diageo, the world's largest spirits maker, had eyed Mexico-based Jose Cuervo as a way to crack deeper into...
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