Diageo Is Said to Be in Talks to Buy Jose Cuervo for More than $2 Billion

Diageo plc (DEO), the maker of Johnnie Walker scotch and Smirnoff vodka, is in talks to buy Jose Cuervo for more than $2 billion from its family owners, reports Bloomberg.

According to three people with knowledge of the matter, Cuervo is in exclusive discussions with Diageo, which has the first option to buy the company because of its international distribution rights to the brand. The Beckmann family, owners of Jose Cuervo, have not committed to selling the company.

Other liquor companies including Pernod-Ricard SA are interested in the business as well, Bloomberg said.

Diageo shares were up 17 cents to $81.85 in recent trading.

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