Guinness tempts some thirsty hedge funds

Guinness tempts some thirsty hedge funds

Sterling’s recovery and a weak dollar have cut into Diageo’s share gains, but the company is making its balance sheet more efficient, writes Andrea Felsted

Two years ago, Diageo plc looked like the perfect tipple for an activist investor. Then Britain voted to leave the EU and, with 94 per cent of its revenue in currencies other than sterling, the company got a lucky boost from a slumping pound.

The shares have risen almost 50 per cent since June 2016, weakening the activist case and easing the pressure on chief executive Ivan Menezes.

But sterling’s recovery and the dollar’s Steve Mnuchin-approved weakness are...

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