A pint of Guinness and a packet of respect please
A quick follow-up to what we thought was just an incidental observation on how drinks conglomerate Diageo doesn't seem to care much for having Guinness in its "product portfolio." The Wall Street Journal (subs. req'd) reports today that Goldman Sachs has resigned as Diageo's corporate broker, having realised that a close advisory relationship with Diageo rival Allied Domecq could pose a conflict of interest.
In elaborating on this decision, the WSJ explains:
[Diageo] became the world's largest spirits maker through a series of acquisitions starting in 1997, and since then it has been shedding noncore assets. As a result, it is now a pure spirits company ...
which barring some broad interpretation of the word "spirit" (spirit of Ireland?) would seem to exclude Guinness. A reporting error, maybe, but perhaps reflective how Diageo's suits view the black stuff?
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