Diageo, the UK drinks group, is to acquire one of China’s best- known liquor makers in a deal that paves the way for one of the first foreign acquisitions of a big Chinese listed company.
Western governments have long pressed Beijing to be more open to foreign investment, and the Diageo deal marks the first time a foreign company will gain control of an important Chinese brand.
Diageo, which produces Guinness and Johnnie Walker, will spend as much as ₤£815m ($1.3bn) to acquire control of Shuijingfang, a famous brand of baijiu, a fiery spirit, that bills itself as China’s oldest maker and boasts distilling techniques dating back to the 14th century.
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