Diageo to sell Whyte and Mackay

<p>Diageo has offered to sell its Whyte and Mackay whisky brand.</p>

Drinks giant Diageo has offered to sell Whyte and Mackay to meet competition laws.

The firm acquired the business when it bought United Spirits at the end of last year, but the company indicated it is willing to do a deal.

A statement from the Office of Fair Trading (OFT) revealed that it is considering the suggestion from Diageo, which currently has a 40 per cent share of the blended whisky market.

OFT chief economist Chris Walters stated that an investigation from the body had found "the likely loss of competition could give rise to higher prices for retailers, and ultimately consumers".

Johnnie Walker, Guinness and Smirnoff are among the other drinks brands owned by Diageo.

The share price of Diageo is down this morning (November 26th) on the back of the news.

By 09:33 GMT, stocks in the drinks company were down by 0.90 per cent on the start of the session. Diageo trades on the London Stock Exchange.

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