Diageo completes Shuijingfang deal

LIQUOR giant Diageo completed the mandatory tender offer (MTO) for the outstanding shares of Sichuan Shuijingfang Co, Ltd, a Chinese white spirits company, Sichuan Chengdu Quanxing Group Co Ltd (Quanxing).

Chinese takeover regulations required the MTO following the approval of Diageo taking control of Quanxing from Chengdu Yingsheng Investment Holding Co, Ltd. Gilbert Ghostine, president of Diageo Asia Pacific, commented on the transaction: "It represents a milestone in the development of our ambition to play a significant role in Chinese white spirits, the most valuable beverage alcohol category in China."

Shanghai-listed Shuijingfang (600779) is one of the largest premium Chinese white spirits brand by volume in China.