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
- Three major nations absent as China launches W.Bank rival in Asia
- Gold sales jump about 20 pct for Diwali - trade body
- Special Report: Why Madrid's poor fear Goldman Sachs and Blackstone
- China's Xiaomi shifts some smartphone user data out of Beijing on privacy concerns
- ISL probes allegation of assault on Pires