United Spirits (USL) on Friday said it had received shareholders? approval for the sale of its Scottish subsidiary, Whyte & Mackay (W&M), to Philppines-based Emperador Inc. The liquor company, in which British firm Diageo now has a majority stake, is selling the scotch whisky distiller for 430 million pounds ($727 million) to address competition concerns in the UK. Earlier this week, Diageo raised its stake in USL to 55.78% through an open offer to public shareholders.
The company had held a postal ballot to seek approval from shareholders for the sale.
?On the basis of the srutiniser’s report we note that the special resolution in connection with the proposed sale has been duly approved by the members of the company with the requisite majority,” USL said in a communication to the stock exchanges.
The W&M sale will help USL retire the 370-million-pound debt taken to finance its acquisition in 2007.