Kingfisher shares jump on United Spirits, Diageo deal
MUMBAI (Reuters) - India's debt-laden Kingfisher Airlines (KING.NS) extended gains after Reuters reported its chairman Vijay Mallya clinched a deal to sell a stake in United Spirits (UNSP.NS) to Diageo (DGE.L), on hopes the money raised could be used to revive the carrier.
Diageo is set to acquire a 53.4 percent stake in United Spirits for more than $2 billion, according to an internal memo related to the deal obtained by Reuters.
Kingfisher's flight license has been suspended by aviation regulators. As of 3:27 p.m., Kingfisher shares were up 4.7 percent, while United Spirits shares were up 0.7 percent.
(Reporting by Rafael Nam; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
- China building South China Sea island big enough for airstrip - report
- India approves $2.6 bln mounted gun purchase - official
- Islamic State kills at least 25 Iraqi tribesmen near Ramadi - officials
- U.S. plans to arm Iraq's Sunni tribesmen with AK-47s, RPGs, mortars
- Volunteer snow shovelers hit Buffalo streets as flooding fears rise |
Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article