From the Telegraph:
Diageo has sought to take advantage of the continued march of the Chinese consumer by launching an offer worth up to £610m for a local white spirit venture in the Asian country.
The drinks giant said the full offer for the company, which is not expected until the second half of 2010, would give it a springboard to expand its share of one of the fastest-growing spirits markets in the world.
That’s a little over 900 million in US dollars. And yes, that’s the same Diageo that’s currently threatening to take its Captain Morgan production outside the US if taxpayers don’t pick up the tab for a new distillery in the Virgin Islands.
Additional reading: This paper [.pdf] from the Congressional Research Service provides the most thorough, balanced explanation and appraisal of the rum cover over that I’ve seen yet. This blog previously covered the Puerto Rico/Virgin Islands dispute here.
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Jacob Grier is a freelance writer, barista, mixologist, and magician in Portland, OR. He writes, eats, and drinks a lot. His articles have appeared in The Washington Post, Reason Online, The Oregonian, and other publications.
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