Key Developments: Diageo PLC (DGE.L)

DGE.L on London Stock Exchange

1,864.50GBp
24 Dec 2014
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Latest Key Developments (Source: Significant Developments)

Diageo PLC offers to sell Whyte & Mackay to address concerns regarding United Spirits Ltd acquisition-Office of Fair Trading
Monday, 25 Nov 2013 06:00am EST 

Diageo PLC:Offers to sell most of its Whyte & Mackay business to address competition concerns regarding bottled blended Scotch whisky, arising from its completed acquisition of United Spirits Ltd (United Spirits)-Office of Fair Trading.The OFT's investigation found that there is substantial competition in the retail sector between Bell's whisky, a Diageo label, and Whyte & Mackay's own-label and branded blended whisky.After analysing evidence including data on consumer switching between brands, economic modelling and internal documents, the OFT found the merger may lead to a substantial lessening of competition in the supply of blended whisky to retailers.The OFT found that other manufacturers did not have, and could not quickly reach, sufficient capacity to offset the loss of competition likely to result from the merger.The OFT is considering Diageo's offer to sell the bulk of the Whyte & Mackay business with the exception of two malt distilleries, to address its concerns.While the undertakings in lieu are being considered, the OFT's duty to refer the merger to the Competition Commission is suspended.  Full Article

Diageo PLC Reaffirms FY 2014 Revenue Guidance
Wednesday, 16 Oct 2013 09:00pm EDT 

Diageo PLC announced that for fiscal 2014, it still expects a low single digit net sales decline. The Company reported revenue of GBP11.433 Billion in fiscal 2013.  Full Article

Diageo PLC Announces Final Dividend
Wednesday, 31 Jul 2013 02:00am EDT 

Diageo PLC recommend a final dividend of 29.30 pence per share, an increase of 9% from the year ended 30 June 2012. The full dividend will therefore be 47.40 pence per share, an increase of 9% from the year ended 30 June 2012. Subject to approval by shareholders, the final dividend will be paid on 3 October 2013 to shareholders on the register on 16 August 2013. Payment to US ADR holders will be made on 8 October 2013. A dividend reinvestment plan is available in respect of the final dividend and the plan notice date is 11 September 2013.  Full Article

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.  Full Article

Diageo PLC Announces Completion Of United Spirits Ltd Share Purchase Agreement With UBHL
Thursday, 4 Jul 2013 09:02am EDT 

Diageo PLC announced that it has completed the acquisition of a further 14.98% stake in United Spirits Limited (USL), the leading spirits company in India. The consideration was INR1440 per share and the total consideration of INR31,345,558,560 (GBP344,190,791) has been settled . On 27 May 2013 Diageo subscribed for a preferential allotment of new shares in USL amounting to 10% of the post-issue enlarged share capital at a total consideration of INR 20,927,196,000 (GBP249,255,052). Separately, Diageo acquired 58,668 additional USL shares in the Tender Offer for a total consideration of INR 85,778,082 (GBP983,789). Diageo therefore now holds 36,359,192 shares representing 25.02% of the enlarged USL share capital at an aggregate cost of INR 52,358,532,642 (approximately GBP594,429,632). This represents a 18x multiple of USL's EBITDA for the year ended 31 March 2013 and the transaction is expected to be eps accretive in year 2 and economic profit positive in year 5 assuming a 12% WACC. Diageo has acquired shares from UBHL, KFinvest (a subsidiary of UBHL), Palmer Investment Group Limited and UB Sports Management Overseas Limited (two subsidiaries of USL) and SWEW Benefit Company (a company established for the benefit of certain USL employees).  Full Article

United Spirits Ltd Announces Issue And Allotment Of Equity Shares To Diageo plc's Relay B.V
Monday, 27 May 2013 01:51am EDT 

United Spirits Ltd announced that the Board of Director of the Company at its meeting held on May 27, 2013, approved the issue and allotment of 14,532,775 equity shares of face value of INR10 each at a price of INR1440 per share (including a premium of INR1430 per equity share) of United Spirits Limited (the Equity Shares) to Relay B.V., and indirect wholly owned subsidiary of Diageo plc., (Relay) on a preferential basis in terms of the Preferential Allotment entered into between Relay, the Company and Diageo plc on November 09, 2012, for an aggregate amount of INR20,927,196,000.  Full Article

Diageo PLC Announces Appointment of Mr. Ivan Menezes as CEO from July 1, 2013
Tuesday, 7 May 2013 02:00am EDT 

Diageo plc announced that Mr. Ivan Menezes will be appointed Chief Executive of Diageo with effect from July 1, 2013. Mr. Paul Walsh, who will step down from the Board at the September 2013 Annual General Meeting, will retire from the Company on June 30, 2014.  Full Article

SREI Infrastructure Finance Ltd To Sell United Spirits Ltd Shares To Diageo PLC-Business Standard
Saturday, 9 Feb 2013 12:40am EST 

Business Standard reported that SREI Infrastructure Finance Ltd plans to sell shares of United Spirits Ltd it got as collateral for lending to Kingfisher Airlines to Diageo PLC. Diageo on November 9, 2012 said it will buy a controlling stake in United Spirits for $2.04 billion. The maker of Johnny Walker whiskey said it will acquire 27.4% of the distiller at INR1,440 a share and will make a tender offer for 26% of the balance.  Full Article

India Markets Regulator Issues Final Observations on Diageo PLC's Offer For United Spirits Ltd-DJ
Tuesday, 5 Feb 2013 01:02am EST 

Dow Jones reported that India's capital markets regulator has issued its final observations on Diageo PLC's proposed open offer for a 26% stake in United Spirits Ltd. The Securities and Exchange Board of India (SEBI) has issued the observations, but didn't give any details. The open offer was part of Diageo's proposal in November to buy up to a 53.4% stake in United Spirits for up to $2 billion. The deal included purchasing a 27.4% stake from United Breweries Holdings and other founder firms of United Spirits. The draft of the open offer, which is required under local merger and acquisition rules, was submitted to SEBI in November.  Full Article

Diageo PLC Set To Take Charge At United Spirits Ltd-Economic Times
Sunday, 3 Feb 2013 12:24am EST 

Economic Times reported that Diageo PLC has readied plans to take charge at United Spirits Ltd (USL), where it is buying a more than $2 billion stake in multiple stages.  Full Article

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Di Montezemolo returns to F1 board

LONDON - Former Ferrari chairman Luca Di Montezemolo is returning to the board of Formula One as a non-executive director along with former Diageo chief executive Paul Walsh, controlling shareholders CVC said on Thursday.

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