08-19-2006, 11:12 PM
Indian brewer looking over Tchenguiz's Whyte & Mackay
By Harry Wallop (Filed: 18/08/2006)
Whyte & Mackay, one of Scotland's most famous whisky brands, could soon fall into the hands of Vijay Mallya, the flamboyant Indian billionaire, who already owns Kingfisher beer.
Speculation has been rife in the Indian press that United Breweries, Mr Mallya's company, has been eyeing up the Scottish distiller and was prepared to offer £460m.
Yesterday Robbie Tchenguiz, the property tycoon who is a lead shareholder in Whyte & Mackay, confirmed to The Daily Telegraph that negotiations were taking place. "We're in discussions, but to be honest nothing has been decided," he said.
Citibank has been appointed to advise Whyte & Mackay. When asked about the price, Mr Tchenguiz said: "I can't comment. We're at a delicate stage."
If a deal went ahead for £460m - three times last year's sales of £149m - it would represent a healthy return for Mr Tchenguiz, who has become an increasingly active dealmaker, leading the consortium to buy supermarket group Somerfield last year. He was part of a group of investors that bought the whisky business in 2001 for £208m. He, along with the chief executive and his brother in-law Vivian Immerman now own the whole company.
However, any deal could cause consternation in the Scotch Whisky industry. Mr Mallya is locked in battle with the Scotch Whisky Association, which has blocked his plans to sell cheap Indian whisky in Europe. The association has argued his "whiskies" are distilled from molasses rather than malt and are not whiskies at all.
Mr Mallya owns a range of businesses including Kingfisher airlines, leading him to be dubbed India's Richard Branson. UB is the third-largest spirits group in the world.
Among Whyte & Mackay's brands is Jura single malt - David Cameron's Desert Island luxury.
By Harry Wallop (Filed: 18/08/2006)
Whyte & Mackay, one of Scotland's most famous whisky brands, could soon fall into the hands of Vijay Mallya, the flamboyant Indian billionaire, who already owns Kingfisher beer.
Speculation has been rife in the Indian press that United Breweries, Mr Mallya's company, has been eyeing up the Scottish distiller and was prepared to offer £460m.
Yesterday Robbie Tchenguiz, the property tycoon who is a lead shareholder in Whyte & Mackay, confirmed to The Daily Telegraph that negotiations were taking place. "We're in discussions, but to be honest nothing has been decided," he said.
Citibank has been appointed to advise Whyte & Mackay. When asked about the price, Mr Tchenguiz said: "I can't comment. We're at a delicate stage."
If a deal went ahead for £460m - three times last year's sales of £149m - it would represent a healthy return for Mr Tchenguiz, who has become an increasingly active dealmaker, leading the consortium to buy supermarket group Somerfield last year. He was part of a group of investors that bought the whisky business in 2001 for £208m. He, along with the chief executive and his brother in-law Vivian Immerman now own the whole company.
However, any deal could cause consternation in the Scotch Whisky industry. Mr Mallya is locked in battle with the Scotch Whisky Association, which has blocked his plans to sell cheap Indian whisky in Europe. The association has argued his "whiskies" are distilled from molasses rather than malt and are not whiskies at all.
Mr Mallya owns a range of businesses including Kingfisher airlines, leading him to be dubbed India's Richard Branson. UB is the third-largest spirits group in the world.
Among Whyte & Mackay's brands is Jura single malt - David Cameron's Desert Island luxury.