Diageo’s United Spirits deal revives weak Indian M&A outlook

Inbound M&A is down by more than 70% since last year as foreign investors steer clear.
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United Spirits' key brands
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<div style="text-align: left;"> United Spirits' key brands </div>

Diageo’s $2 billion bid for a 53% stake in India’s United Spirits last Friday marked a rare piece of good news in what has been a dismal year for Indian MA.

Including the Diageo deal, inbound Indian MA has totalled just $8.3 billion during 2012 so far, down 72% from the $29.6 billion raised during the same period last year, according to Dealogic. It is the lowest year-to-date level since 2009, when there was just $5.9 billion of activity.

United Spirits, the leading distiller in India, is controlled by politician Vijay Mallya’s United Breweries group, which owns the Kingfisher beer-and-aviation brand. Mallya will stay on...

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