1. Fighting spirit: United Spirits-Diageo deal over the years

Fighting spirit: United Spirits-Diageo deal over the years

USL and Diageo officially confirm that Diageo is in discussion with USL and United Breweries (Holdings) to acquire controlling stake in USL.

Updated: November 25, 2015 2:21 AM

Sept 25, 2012
USL and Diageo officially confirm that Diageo is in discussion with USL and United Breweries (Holdings) to acquire controlling stake in USL.

Nov 9, 2012
Diageo announces it will acquire 3.77 cr shares, representing 26% stake at R1,440 per share

April 2, 2013
Lenders sell USL shares in open market as open offer price of R1440 appear unattractive

April 10-26, 2013
Diageo’s first attempt to acquire shares from public shareholders gets muted response

May 27, 2013
USL board announces issuing 1.45 crore shares to Diageo on preferential basis. Diageo pays  R2,092 crore for stake buy

usl

Dec 20, 2013
Karnataka High Court annulled sale of 6.9% stake in USL to Diageo by guarantor United Breweries (Holdings)

May 26, 2014
Diageo gets Sebi nod for open offer to acquire 26% stake in USL

June 2014
Diageo raises open offer price to R3,030/ share. Transaction valued at R11,423 cr on offer price

June 11-24, 2014

Diageo acquires majority stake in USL and raises ownership to 54.7% Largest in-bound deal since Vedanta-Cairn merger in Dec 2011

Nov 28, 2014

Minority shareholders defeat nine out of 12 special resolutions during company’s EGM, bringing setback to the integration between USL and new owner Diageo Plc.

Jan 10, 2015

United Spirits gets minority shareholders nod for Diageo licensing and cost sharing agreements with certain subsidiaries of its parent Diageo Plc

Early 2015

USL appoints PwC UK to conduct forensic audit on USL accounts from 2010-2013 for alleged fund diversion and financial irregularities in related party transaction among UB group companies

April 2015

USL board ask Vijay Mallya – owning 4% stake in USL, to step down for his involvement in alleged financial irregularities

May 1, 2015

The ICAI questions USL’s two auditors for financial irregularities in USL books from 2010-2013 to various United Breweries (UB) group entities, and alleged fund diversion of R2,100 crore

May 2015

Sebi asks United Breweries to restate accounts for last two years to address issues flagged by the auditors

July 2015

USL, owned by Diageo, sells 3.21% stake in United Breweries for R872 crore to Heineken International BV, the co-promoter of the beer company. Heineken’s stake rises to 42.2%

Nov 2015

Supreme Court admits petitions filed by British group Diageo Plc and United Breweries Holdings in a matter related to the sale of USL

Source: Stock exchange announcement, Media reports

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