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Cross Border M&A - Comment
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Diageo buys stake in Chinese spirits group
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Diageo has moved to bolster its presence in China with the acquisition of a minority stake in local spirits group Sichuan Chengdu Quanxing Group Co.
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| Author: Mark Heitner
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The UK drinks giant said today (12 December) that it has snapped up a 43% stake in Quanxing for an undisclosed sum. Pending approval from the Chinese government, Diageo and Quanxing plan to set up a joint venture to develop their footprint across the country.
Diageo plans to help distribute Quanxing's spirits stable throughout China, a portfolio that includes the super-premium 'bai jiu' brand Shui Jing Fang. Quanxing will help Diageo in sourcing packaging for its products on sale in China.
Diageo is also aiming to help promote the Shui Jing Fang brand outside China with markets in Asia the first target.
(Comment: This investment promotes both imports and exports in China, and may be a model for other joint ventures).
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