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Diageo considering sale of Chinese assets - report
(Sharecast News) - Diageo is reportedly considering options for its Chinese assets, including a potential sale, as it looks to streamline its portfolio. According to Bloomberg, citing people familiar with the matter, Diageo is working with Goldman Sachs Group and UBS to review its operations, which include a more than 63% stake in Shanghai-listed Sichuan Swellfun Co.
It was understood the advisers have been sounding out initial interest from local strategic buyers and private equity firms. Shares in Sichuan Swellfun have dropped 14% in the past 12 months, giving the Chengdu-based company a market value of $2.7bn, Bloomberg noted.
Sources said considerations are preliminary and no final decisions have been made, adding that there's no certainty that Diageo will decide to proceed with any deal.
Diageo declined to comment on the report.
At 1110 GMT, Diageo shares were up 0.3% at 1,678.87p.
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