Diageo is hopeful that its long-standing effort to take control of one of China’s local white spirits producers is within its grasp after a potential stumbling block was removed.
Diageo’s bid to enter the £25bn baijiu market, first announced a year ago after years of behind-the-scenes discussions, is still being scrutinised by Beijing.
Chinese regulators blocked the last attempted foreign takeover of a well-known local brand – Coca-Cola’s proposed $2.4bn acquisition of soft drink manufacturer Huiyuan Juice in 2009 – and there have been fears that Beijing might balk again at selling a national treasure to foreigners.
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