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Monday, May 14, 2007

ndia's UB Group to announce Whyte & Mackay buy

India's United Breweries Ltd is believed to have agreed to buy Scottish liquor manufacturer Whyte & Mackay, with an announcement scheduled for Wednesday, The Financial Express reported.

W&M owners have demanded 700 mln stg for the company, the paper quoted UB Group chairman Vijay Mallya as saying.

The report said Mallaya did not indicate how much he would pay, but said the company would decide in two weeks.

Meanwhile, W&M confirmed in a statement that it was in advanced talks with UB Group, but 'no deal has been done yet'.

Separately, DNA Money, citing sources, said the company has completed the due diligence and values W&M at 500 mln stg.

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