Business Services Industry
Diageo May Need to Feed Pension Funds.
Knight Ridder/Tribune Business News, August, 2002
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Aug. 31--Drinks giant Diageo is facing a multi-million pound shortfall on its UK pension schemes, experts warn.
The group, which reports full-year results on Thursday, was sitting on a healthy surplus of nearly UKpound 500 million on its British pension funds last year. But analysts at UBS Warburg estimate that falling stock markets have opened up a UKpound 342 million deficit on the UKpound 3.2 billion funds.
Concerns over the Diageo pensions come hard on the heels of a gaping deficit at smaller rival Allied Domecq, which admitted that its pension shortfall has soared to UKpound 400 million from UKpound 33 million last year.
Experts said the red ink on...
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