India's 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 3.52 a.m EDT, Kingfisher shares were up 4.7 percent, while United Spirits shares were up 1.5 percent.
(Reporting by Rafael Nam; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
- Malaysia military source says missing jet veered to west
- U.S. drug regulator approves headband device to prevent migraines
- UPDATE 3-Time running out for EU bid to engage Russia, Germany warns
- UPDATE 3-Men's Wearhouse stitches up deal to buy Jos. A. Bank
- When Zach met Barack: pitching Obamacare online