Diageo set to take over Mallya’s United Spirits in Rs 11,166-cr deal
- Elections 2014 LIVE: Tharoor mocks at Modi's meeting with actors; 80 pc polling in Inner Manipur
- Congress releases CD of Uma Bharti calling Narendra Modi 'Vinash Purush'
- Admiral Dhowan appointed as new Navy chief
- CAG empowered to examine accounts of private telecom companies: Supreme Court
- IPL 7 Live Cricket Score: Karthik-led DD face RCB
However, the completion of the acquisition of shares is subject to the condition of the release of all security interests over the USL shares to be acquired by Diageo. They also include the receipt of mandatory regulatory approvals (including competition approvals) in India and elsewhere. The completion of the acquisition and tender offer is expected to occur in the first quarter of 2013. Diageo will fund the acquisition through existing cash resources and debt. Diageo believes that its financial strength supports its current single A credit rating and will hold discussions with the rating agencies as a consequence of this announcement.
Analysts expressed optimism about the deal. "Some of the Mallya group companies have been in turbulence for some time. This is his final opportunity to revive the fortune of the group," said Jagannadham Thunuguntla, head of research at SMC Investments and Advisors.
- Activist, her aide booked for cheating in attempt to frame acquitted murder accused
- Extended Monorail running hours fails to pull crowd
- HC orders action against Essel World for causing harm to mangroves
- Cops crack bar girl’s murder case after waiter’s tip-off
- Railway to provide plastic pouches for commuter IDs
- Last safety check for Metro to begin April 18