Diageo Increases Foothold in China

Diageo said yesterday it has acquired an additional 6% stake in Sichuan Chengdu Quanxing Group Co., Ltd. ("Quanxing") increasing its ownership in the business to 49%. This investment also increases Diageo’s indirect interest in Sichuan Shui Jing Fang Co., Ltd., a leading super premium Chinese white spirits company listed on the Shanghai Stock Exchange.Diageo first acquired a 43% stake in Quanxing in February 2007 and said it “continues to be pleased with the performance and the prospects for the business.”"This