By Adria Calatayud

Diageo PLC (DGE.LN) confirmed Thursday that it has launched a partial tender offer to raise its stake in China's Sichuan Shuijingfang Company Ltd. to up to 70% from the current 60%.

The partial tender offer has been priced at 45.00 Chinese yuan a share ($6.73) and will run from March 5 to April 3, the FTSE 100 drinks company said. The maximum number of shares subject to the offer is 48.6 million, Diageo said.

Earlier this week, the owner of Johnnie Walker whisky and Tanqueray gin brands said it had approached the Chinese company with a proposal to increase its stake.

Last year, Diageo raised its stake in the Chinese liquor company to 60% from 39.7%.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

February 28, 2019 06:43 ET (11:43 GMT)

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