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Dividend shock puts spirits maker Diageo into dive.
Knight Ridder/Tribune Business News, October, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Oct. 21--Guinness and Smirnoff vodka maker Diageo unveiled plans to return 600 million pounds to investors, but then disappointed them by issuing a dour first-quarter trading update and announcing plans to cap this year's dividend.
Chief executive Paul Walsh revealed that there had been little change in the drinks giant's financial fortunes since last month's annual results.
The City was hoping for at least some hint of recovery from the struggling European business.
Diageo made 1.2 billion pounds selling its investment in the Jolly Green Giant's parent General Mills and Walsh revealed that half the cash from the sale will go towards paying off debts and the rest to...
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