143.33 +1.61 (1.14%)
Pre-Market: 8:28AM EST
|Bid||143.56 x 900|
|Ask||143.63 x 800|
|Day's Range||140.96 - 142.72|
|52 Week Range||131.22 - 151.31|
|Beta (3Y Monthly)||0.53|
|PE Ratio (TTM)||22.14|
|Forward Dividend & Yield||4.20 (2.95%)|
|1y Target Est||N/A|
The world's largest spirits company, Diageo, is selling 19 lower-end spirits brands to Sazerac for $550 million, to focus on its premium labels, including Johnnie Walker. Fred Katayama reports.
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U.S. stock markets plunged on Monday as record drop in shares of Apple and Goldman Sachs, and precipitous decline of crude oil price significantly dented investor confidence
Diageo (DEO) agrees to sell its 19 brands, including Seagram's VO whiskey, to Sazerac for a total consideration of $550 million.
LONDON—Diageo PLC is selling a portfolio of 19 brands, including Seagram’s VO whiskey and cinnamon schnapps Goldschläger, to Sazerac Co. for $550 million as it pivots toward premium brands and higher-growth products. The world’s largest liquor maker, which owns Johnnie Walker whisky and Tanqueray gin, said Monday it would return net proceeds of about £340 million ($441 million) to investors through share buybacks. Diageo hired bankers earlier this year to sell the portfolio, which also includes Myers’s rum, Popov vodka and Romana Sambuca.
-- maker of drinks Guinness and Captain Morgan -- is selling off 19 brands to family owned alcoholic beverage maker Sazerac for up to $550 million. Among the brands Diageo is selling are big name beverages Seagram's VO, Seagram's 83, Seagram's Five Star, Myers's, Parrot Bay, Romana Sambuca, Popov, Yukon Jack, Goldschlager, Stirrings, The Club, Scoresby, Black Haus, Peligroso, Relska, Grind, Piehole, Booth's and John Begg.
, which owns Johnnie Walker, Crown Royal and other brands, said Monday it would sell 19 less successful labels to privately owned distiller Sazerac for $550 million. Diageo is getting three times sales for Seagram’s VO Canadian whisky, Goldschlager cinnamon schnapps and other brands.
Diageo, also known for Smirnoff vodka and Guinness stout, said on Monday it would return the net proceeds of about 340 million pounds ($438 million) to shareholders through a share repurchase. The sale, which also includes whisky brands such as Seagram's 83, Seagram's Five Star and Jamaican rum Myers's, will reduce Diageo's pre-exceptional earnings per share by 1.9 pence per share in the first full financial year after closing.
Diageo Plc is selling 19 lower-end spirits brands including Seagrams VO Canadian whisky and Goldschlager cinnamon schnapps to U.S.-based Sazerac for $550 million, as it focuses on its premium labels such as Johnnie Walker in the United States. The divestiture is the latest move from the world's largest spirits company to trim its portfolio and concentrate more closely on its core business. Diageo, also known for Smirnoff vodka and Guinness stout, said on Monday it would return the net proceeds of about 340 million pounds ($438 million) to shareholders through a share repurchase.
Defence contractor Babcock has come out with all guns blazing after coming under attack from “shadowy research firm” Boatman Capital Research. Not Opening Quote’s words but those of the Sunday Times, which was sent a section of the research firm’s damaging report into Babcock. According to the newspaper, Boatman Capital Research is not traceable at Companies House and refuses to disclose the identity of its directors.
Diageo will continue to manufacture five of the brands on behalf of Sazerac for 10 years, while the rest will transfer over within one year of completion. Diageo, the world’s biggest distiller, said the deal was expected to close in early 2019 and proceeds would be returned to shareholders in the form of share buybacks. Kathryn Mikells, chief financial officer, said Diageo had received multiple bids and was pleased with the results of the “very competitive sales process” that valued the brands at about three times sales.
Value, growth, dividend stocks — everything is on edge. Causing perhaps the most concern, the new Federal Reserve chairman — Jerome Powell — seems inclined to keep hiking interest rates regardless of what markets do.
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Shares in the Bethesda, Maryland-based company, which specializes in infrastructure commodities and the development and commercialization of cannabis-based therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s and epilepsy in humans, dogs, and cats, have been on a tear lately, surging 39.84% on Monday and a further 35.26% ahead of Tuesday’s trading session. In a press release issued last week, IGC announced that it had entered into a distribution and partnership agreement for several products including a sugar free, energy drink called "Nitro G." Since that news broke on September 25, the shares have risen almost 300%. “According to a Grand View Research forecast, the global energy drinks market is projected to be almost $85 billion by the year 2025, with non-alcoholic beverage sales expected to account for a significant portion of the market,” Ram Mukunda, IGC’s CEO, said in the release.
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