Pursuits
Diageo Strengthens Grip on Chinese Liquor Maker Shuijingfang
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Diageo Plc, the world’s largest liquor company, consolidated control over Sichuan Shuijingfang Co., a maker of the popular Chinese spirit baijiu, as it seeks to expand in the country.
Diageo got approval from Chinese authorities to buy the remaining 47 percent of Sichuan Chengdu Shuijingfang Group Company Ltd. from its partners, it said today in a statement. The acquisition of the stake in the related joint venture, at a cost of about 233 million pounds ($358 million), will give Diageo full indirect control over 39.7 percent of Shuijingfang, the listed maker of baijiu.