LONDON, July 23 Global drinks firm Diageo
on Tuesday said it had received approval from Chinese
authorities to become the sole shareholder in Sichuan Chengdu
Shuijingfang Group Company (SJF Holdco), the owner of white
spirits company ShuiJingFang.
Diageo said it would acquire the remaining 47 percent stake
in SJF Holdco owned by its Chinese partners for 233 million
pounds. As a result, SJF HoldCo will be converted from a joint
venture into a wholly foreign-owned enterprise owned by Diageo.
On completion, Diageo's indirect interest in Shanghai-listed
Shuijingfang, one of the best known producers of China's 'Bai
Jiu' spirit, will rise to 39.71 percent from 21.05 percent, it