Diageo shares spike briefly on rumour of Moet Hennessy stake sale

Diageo shares spiked following a rumor that LVMH Moet Hennessy Louis Vuitton would move to buy the company’s 34 percent stake in Moet Hennessy. LVMH, the world’s largest luxury good provider, sold a portion of its Moet Hennessy wine and spirits unit to Diageo, the world’s biggest spirits groups, in the 1990s. There had been sporadic chatter over the past six years that LVMH would sell off even more of Moet Hennessy, giving Diageo majority or even full ownership, according to multiple sources