LONDON Dec 11 British drinks group Diageo
said on Tuesday that its long-running talks to buy
world's no. 1 tequila maker Jose Cuervo had ended.
Diageo and Cuervo's owners would work to ensure an orderly
termination of their current distribution deal, Diageo said.
"We believe that the future of the brand would be best
delivered by aligning ownership of the brand with its route to
market and I have no doubt that Diageo has the best route to
market for this brand," said Diageo chief executive Paul Walsh.
"However it has not been possible to agree a transaction
which delivers value for Diageo's shareholders and therefore, by
mutual agreement, we have terminated our discussions."