Diageo is on the brink on selling its viticultural arm Global Wine Unit, which controls leading international labels such as Piat d’Or and Blossom Hill, to Treasury Wine Estates, thedrinksbusiness.com reports.
The drinks multinational has intended to offload the division in question for some time according to reports, as its generation of revenue is relatively minor in comparison to that of its more central brands such as Smirnoff and Johnnie Walker.
"A deal could be announced within the month, sources said, but as no transaction has been made it could still fall through," thedrinksbusiness.com reported
On 23 September 2015, Diageo reduced its 2016 profit outlook by £150 million.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.