(Bloomberg) – Drinks producer Diageo does not plan to sell the Guinness beer brand or its stake in high-end wine and spirits maker Moet Hennessy, according to a statement released this Sunday (26). The company was responding to reports that it was considering selling Guinness or its 34% stake in Moet Hennessy, LVMH’s drinks division. “We can confirm that we have no intention of selling either,” the company said.
Bloomberg News previously reported that the British drinks company was reviewing its portfolio in a bid to turn around growth after shares have fallen since CEO Debra Crew took over a year and a half ago. Possibilities could include a spin-off or sale of Guinness and either giving up its stake in the Moet Hennessy joint venture or a larger acquisition, according to people familiar with the matter.
Diageo said in the statement that it will update the market with its interim results on February 4.
