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Diageo PLC - London-based brewer and distiller with brands including Guinness, Baileys, Tanqueray, Johnnie Walker, Smirnoff and Captain Morgan - Completes partial tender offer to increase aggregate equity stake in East African Breweries PLC to 65% from 50% via its wholly-owned, indirect subsidiary Diageo Kenya Ltd for an undisclosed amount. Notes tender offer was oversubscribed and so Diageo Kenya applied scale-down mechanism to purchase a pro-rate proportion of tendered shares. Earlier March, Diageo said it completed the acquisition of Don Papa Rum, a dark rum from the Philippines. It was bought in January for an initial amount of €260 million, with a further potential payment of up to €177.5 million through to 2028 based on performance. The FTSE-100 company said the acquisition is in line with its strategy to buy high growth brands with attractive margins. Current stock price: 3,565.00 pence each, up 0.1% 12-month change: down 4.9% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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