Kingfisher shares jump on United Spirits, Diageo deal

MUMBAI Fri Nov 9, 2012 3:28pm IST

A passenger walks past a near-empty Kingfisher airlines ticketing office at Mumbai's domestic airport March 27, 2012. REUTERS/Vivek Prakash/Files

A passenger walks past a near-empty Kingfisher airlines ticketing office at Mumbai's domestic airport March 27, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

Global Shares

Global Shares

Japanese stocks lead shares worldwide, IBM weighs on Dow  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage