By Kyle Morris

Diageo PLC said Friday that it plans to increase its stake in East African Breweries PLC to up to 65% through a partial tender offer.

The liquor maker--which owns Johnnie Walker whisky and Tanqueray gin--said that through Diageo Kenya Ltd. it will increase its stake from the 50.03% already owned.

Diageo Kenya doesn't plans to make a takeover offer for East African Breweries and will apply to the Capital Markets Authority in Kenya for an exemption from complying with the requirement to make such an offer.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

October 14, 2022 02:27 ET (06:27 GMT)

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