Business Services Industry
Fastfood Sale Slow for Diageo.
Knight Ridder/Tribune Business News, November, 2002
By Stephanie Bentley, Daily Mail, London Knight Ridder/Tribune Business News
Nov. 8--Still no end in sight in the sale of Burger King. Diageo warns it could even fall through, more than two years after the process began.
The Guinness to Smirnoff drinks group thought it had clinched the UKpound 1.4 billion sale in July, marking its exit from food operations.
But the would-be buyers, US venture capitalists Texas Pacific Group, want to cut the price to at least UKpound 1.3 billion after months of poor trading at the burger chain.
Diageo may be forced to help TPG's funding by keeping a short-term stake. It insists both sides are "totally committed" and no other prospective buyers have been approached. But uncertainty hangs over...
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