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Thursday 2 October 2014

Diageo plots bid for drinks giant Beam in wake of deal

Published 10/12/2012 | 05:00

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GUINNESS owner Diageo is said to be plotting to buy the drinks giant Beam, less than a week after Beam increased its Irish whiskey business.

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Beam agreed a deal to buy US-based Irish whiskey firm "2 Gingers" last week and, earlier this year, paid more than €70m to buy John Teeling's Cooley Distillery.

Yesterday, however, it emerged that Diageo was considering a bid for a number of Beam's brands, and its Irish whiskey business is thought to be a prime target.

Diageo has apparently held talks with the Japanese distiller, Suntory, about putting together a joint bid for the American giant, which is worth an estimated €7.5bn.

The talks are not taking place at present and Diageo is not believed to have made a formal approach to Beam yet.

However, London-based Diageo, which counts Guinness and Smirnoff Vodka among its numerous brands, is also thought to have held talks with private equity companies in an effort to put together a bid.

Irish Independent

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