UB Group stocks – United Spirits and United Breweries – have rallied 5% each on reports that the group will consolidate its foreign alcohol assets ahead of an overseas listing of the brands.
“UB will bring its foreign assets under the Whyte & Mackay (W&M) brand and list the Scottish subsidiary as part of a strategy to help with Kingfisher's financial troubles," reports suggest. The group plans to bring its French wine subsidiary Bouvet Ladubay and some other brands under Whyte & Mackay. Both Mackay and Ladubay are 100% units of United Spirits.
UB Group is also talking to its Dutch partner, Heiniken, to dilute more stakes in United Breweries, which manages the beer business, the report added.
Among the individual stocks, United Breweries has rallied 6% to Rs 471 and United Spirits by 5% to Rs 629 on the National Stock Exchange.