Diageo scraps plan to lift Guinness Nigeria stake in tough market



Diageo (DGE.L) has scrapped plans to lift its stake in Guinness Nigeria (GUINNES.LG) due to tough market conditions there, the drinks company said on Wednesday.
The decision by Diageo, maker of Johnnie Walker Scotch and Smirnoff vodka, is the latest blow for the West African economy, which is headed for its first full-year recession in 25 years following a plunge in oil prices.
Diageo last year said it planned to buy another 15.7 percent of Guinness Nigeria for up to 41.37 billion naira, raising its stake to 70 percent. At last year's exchange rates, that would have been worth about $208... read more

 
5 October 2016 in Business, Views: 49
Source: Reuters
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