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Diageo PLC Buys Remaining Stake In SJF Holdco-Reuters

Tuesday, 23 Jul 2013 02:24am EDT 

Reuters reported that Diageo PLC 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% stake in SJF Holdco owned by its Chinese partners for GBP233 million. 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 producers of China's 'Bai Jiu' spirit, will rise to 39.71% from 21.05%, it said. 

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-1.5 -0.08%
4:15am EDT