Drinks firm Diageo is to set up a joint venture with Dutch vodka maker Ketel One, ditching a possible deal with Swedish vodka group Absolut.
Diageo will pay $900m for a 50% stake in the joint venture, which will sell, market and distribute the family-owned Dutch brand.
Diageo says Ketel is a ‘better strategic fit’. The company sells 1.9 million cases of vodka a year, about 95% of which go to the North American market.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.Make a donation