Diageo to top up stake in baijiu maker Shuijingfang

Alcoholic spirits producer Diageo Plc said it has proposed increasing its stake in Chinese baijiu maker Sichuan Shuijingfang Co Ltd to up to 60 percent through a partial tender offer.

Diageo offered 62 yuan ($9.44) per share of Shuijingfang, the company said in a statement. It currently holds a 39.71 percent stake in the Chinese distiller.

The British maker of Johnnie Walker Scotch whisky and Smirnoff vodka offered close to a 25 percent premium on Shuijingfang's closing share price of 49.6 yuan on Monday.