United Spirits up on reports Diageo open offer approved

Tue Feb 5, 2013 3:02pm IST

Bartenders work at Aqua, a bar popular with middle and upper class professionals in Hyderabad Andhra Pradesh March 5, 2012. REUTERS/Vivek Prakash/Files

Bartenders work at Aqua, a bar popular with middle and upper class professionals in Hyderabad Andhra Pradesh March 5, 2012.

Credit: Reuters/Vivek Prakash/Files

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Reuters Market Eye - Shares in United Spirits (UNSP.NS) gain 3.4 percent following media reports that the Securities and Exchange Board of India (SEBI) has cleared Diageo Plc's (DGE.L) open offer for the Indian company.

A SEBI spokesman told Reuters the regulator has issued final observations on the offer but would not comment beyond that.

SEBI was due to issue its judgement on the open offer component of Diageo's $2.1 billion deal for United Spirits.

Competition Commission of India has the final approving rights on the whole deal.

United Spirits officials were not immediately available for comment. Diageo was not immediately reachable.

(Reporting by Abhishek Vishnoi)

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