Diageo-led spirits producer United Spirits has blocked a key revenue stream for the beleaguered UB Holdings by taking control of exports.
Three independent directors have quit United Spirits’ board days after Diageo launched an investigation into the company’s finances.
United Spirits has revealed a net loss of £445 million, prompting majority owner Diageo to launch an investigation.
Billionaire chairman of United Spirits, Vijay Mallya, has been declared a “wilful defaulter”, calling his position as chairman of the company into question.
The boss of Indian producer United Spirits may have to quit the company’s board if he is found to be a “wilful defaulter” over the company’s outstanding debts.
Diageo and SABMiller are enjoying a rise in their stock ratings on the FTSE 100 amid rumours that the companies may merge.
Five years after entering initial takeover discussions, Diageo has finally achieved ownership of United Spirits (USL), India’s dominant spirits company.
The drinks business predicted at the turn of the year that 2014 would see notable takeover activity and deal making in the sector, and so it has proved.
United Spirits has confirmed the sale of its Whyte & Mackay Scotch whisky arm to the Philippines-based drinks manufacturer, Emperador.
India’s United Spirits has hired a trio of banks to oversee the sale of its Scotch whisky company Whyte & Mackay, which is expected to fetch up to £450m.
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