Food Industry
Industry: Email Alert RSS FeedDIAGEO LOYAL TO CHOSEN BUYER IN SELLING FAST FOOD CHAIN BURGER KING.(to sell unit to Texas Pacific Group)(Brief Article)
Europe Agri, December, 2002
The world number one spirits company, Diageo, says it is still in talks to sell its Burger King hamburger chain to venture capitalists Texas Pacific Group. And British based Diageo will maintain exclusivity and not seek other buyers as long as it believes a deal can be completed. The company's Chief Executive Officer, Paul Walsh, says they are still negotiating though Texas Pacific wants to cut the asking price.
The private investment firm controlled by financier David Bonderman, approached Diageo in November about re-working the deal to buy the world's number two burger chain after its lenders balked at Burger King's faltering financial performance. The Diageo CEO has refused to state whether the intended closure date of December 31 will be missed. And he does...
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