Diageo delays tender offer, source says
Shares in beverages giant Diageo dropped lower on Monday after reports that its mandatory share tender offer to acquire a further stake in Indian spirits group United Spirits has been delayed in the absence of regulatory approval from the relevant Indian authorities.
Shares in beverages giant Diageo dropped lower on Monday after reports that its mandatory share tender offer to acquire a further stake in Indian spirits group United Spirits has been delayed in the absence of regulatory approval from the relevant Indian authorities.
According to Reuters, the reports are said to come from a "source with direct knowledge" of the matter.
The offer had been scheduled to open on Monday and close almost two weeks later on January 18th.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The deal, which was announced back in December, will see Diageo pay 1.3bn pounds for an additional 26% stake in United Spirits, giving it a 53.4% stake altogether.
The tender offer, which comes as part of a two-stage deal, is now expected to rescheduled once the necessary approvals have been received.
United Spirits, the world's largest spirits group, is operated by Indian businessman, Vijay Mallya.
Shares in Diageo fell 0.74% to 1,811p by 14:25 on Monday.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”