August 25/Istanbul/Associated Press -- Diageo has received the necessary regulatory clearances for the £1.3 billion acquisition of Turkish spirits company Mey Icki. The British spirits major revealed its intention to acquire Mey Icki in February this year to strengthen its position in the Turkish spirits market.

Diageo said the Turkish Competition Authority clearance is conditional upon the subsequent disposal of the Mey Icki brands, Hare liqueur and Maestro gin, and expects these disposals to be completed within the current financial year.

Diageo Europe president Andrew Morgan said the company is planning to combine its premium international spirits brands with the local brands that Mey Icki has built over the years.

Recently, Diageo has closed a public offer to acquire an additional 5.07% stake in Hanoi Liquor Joint Stock Company (Halico) in Vietnam for about £6.4 million.

 

From the August 25, 2011, Prepared Foods' Daily News.