Diageo mulls major acquisitions in China

UK based global wine, beer & spirits giant Diageo has plans to make major acquisitions in countries including China. The British spirits group is also willing to list its shares in Asia in future.

The distiller of Johnnie Walker Scotch is planning to acquire major international tequila brand Jose Cuervo, in case it is up for sale, Bloomberg reported.
 
Diageo's chief executive officer Paul Walsh told Bloomberg Television that the company's first priority is expanding its existing brands, though it will consider making acquisitions.
 
The company is considering every possible option for listing in Asia and is ready with sufficient funds to buy businesses, according to Welsh.
 
Bloomberg quoted Diageo chief financial officer Deirdre Mahlan as saying that the company's strong balance sheet makes it possible for it to seek acquisition opportunities in emerging markets.
 
In June, the company has gained regulatory approval for majority shareholding in Joint Venture Chinese white spirits company.
 
In August, Diageo has wrapped up its £1.3bn ($2.01bn) acquisition of Turkish spirits major Mey Alkollu Ickiler Sanayi & Ticaret. The company revealed in February that it will acquire the Turkish spirits producer.
 
The global spirits company's portfolio includes brands such as Johnnie Walker, Crown Royal, J&B, Windsor, Buchanan's and Bushmills whiskies, Smirnoff, Ciroc and Ketel One vodkas, Baileys, Captain Morgan, Jose Cuervo, Tanqueray and Guinness.