Ever since Diageo was created 13 years ago through the mega-merger of two British drinks giants, Guinness and Grand Metropolitan, it has steered clear of big takeovers. The world's biggest maker of alcoholic drinks sold Burger King, Haagen-Dazs, Pillsbury and other food companies unrelated to its core business. It focused on Johnnie Walker, Smirnoff, and Guinness, its flagship global brands in whisky, vodka and stout. Now things seem to be changing, as Diageo dips into a war chest of several billion pounds that it has accumulated in recent years.
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