There are fresh indications as to why Diageo Plc, the parent company of Guinness Nigeria Plc, failed in its bid to increase its share capital in the brewery giant.
It may be recalled that Diageo had in mid September 2015 announced its intention to make an offer through its wholly owned subsidiary, Guinness Overseas Limited for up to 15.7% of the share capital ofGuinness Nigeria Plc.
The Nation gathered that everything seem okay as the different parties worked out the finer details of the deal.
However, trouble began to brew when some local shareholders vowed to resist any move to sell more shares to the parent company under any guise.
Convinced about what it considered the impropriety of the proposed deal, the shareholders set machinery in motion to thwart the plan thus leading to a stalemate.