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Diageo raises sorghum beer stakes with $36m investment

By Ben Bouckley+

Last updated on 28-Jan-2013 at 12:24 GMT2013-01-28T12:24:25Z

Diageo has agreed to a form a 50:50 joint venture with DR Mallya to take over United National Breweries' traditional sorghum beer business in South Africa, with the UK company taking a $36m stake.

The transaction was first flagged-up last November, and is conditional on consent from the South African competition authority. Diageo said it expected it to complete in H1 2013.