Business Services Industry
Answer Could Come Soon in Diageo-Seagram Case.
Knight Ridder/Tribune Business News, October, 2001
By Simon Watkins, Daily Mail, London Knight Ridder/Tribune Business News
Oct. 28--Paul Walsh, chief executive of drinks group Diageo, saw his empire-building plans set back last week when the US Federal Trade Commission blocked the company's UKpound 3.5 billion attempt to buy the Seagram wine and spirits business.
The US authority ruled that the move would give Diageo too much dominance in the rum business - the combination of Seagram's Captain Morgan with Diageo's Malibu brand, plus a couple of smaller rum labels, would amount to a 25 and 30 per cent slice of the American market.
The move knocked Diageo shares, which dipped by one per cent mid-week. But the commission said it was open to discussion and it is thought Diageo has been...
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