Diageo, the FTSE 100 beverage firm, has gained regulatory approval to launch a mandatory tender offer for the outstanding shares in Sichuan Chengdu Quanxing Group from Chengdu Yingsheng Investment Holding.
The acquisition of an additional 4% stake takes the firm's total current holding to 53%.
The change of control of Quanxing requires Diageo to make a mandatory tender offer (MTO) for the remaining 60.3% outstanding shares of ShuiJingFang. The MTO price is set at RMB 21.45, which is the minimum price permitted by Chinese takeover regulations.
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