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Diageo Close To Acquisition Of Turkish Spirits Maker

Turkish spirits company Mey Icki Sanayi ve Ticaret AS is on the block and Diageo PLC may snag it for between $2 billion and $2.5 billion, say sources close to the deal. The deal, which will probably be announced today, gives UK-based Diageo access to a distribution network in the country.

Also close to closure is a six-year customs dispute between Turkey and foreign liquor companies like Diageo. Because of customs taxes, the country would like to be paid for imports between 2001 and 2009; Diageo's bill could exceed £100 million, or about $160 million.

Read the whole story at The Wall Street Journal »

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