Diageo Will Not Proceed with Potential Offer to Increase Its Equity Stake in Guinness Nigeria


Wednesday, October 05, 2016 11:55am / NSE

Guinness Nigeria Plc hereby notifies the general public that further to its announcement on 9 September 2015 of Diageo Plc intention to make an offer through its wholly owned subsidiary Guinness Oversea Limited for up to 15.7% of share capital of Guinness Nigeria (the “Potential Offer”), it has received a letter from Guinness Overseas Limited confirming that it has taken the decision not to proceed with the Potential Offer.

In the light of the challenging market conditions in Nigeria over the past 12 months, it proposes to focus its resources to support Guinness Nigeria.

Diageo has confirmed that it maintains a positive outlook for Nigeria in the long-term and that it expects the market to continue to grow.

Nigeria remains a key strategic market for Diageo which remains supportive of Guinness Nigeria, a company with a long and rich history, its board and management and the actions taken by Guinness Nigeria to mitigate the impact of challenging market conditions.

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