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Goldman quits Diageo role

Daily Mail13 April 2012

GOLDMAN Sachs has resigned as corporate broker to drinks giant Diageo in a surprise move - just days after being hired - because of concerns about conflicts with its role as adviser to rival UK drinks firm Allied Domecq .

Allied, which has Goldman as its mergers and acquisitions adviser, is believed to have raised concerns about the appointment which comes at a time of mounting speculation that it may be on the receiving end of a bid from French group Pernod Ricard.

Goldman supplied written assurances to Diageo that there were no conflicts of interest. A Diageo spokesman said it was 'quite surprised' by the bank's resignation.

The drinks group appointed Goldman Sachs and Credit Suisse First Boston as joint brokers last month. CSFB will now act as sole broker.

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