JV for Diageo in Japan

Diageo has entered into a joint venture agreement with brewer Kirin to give wider distribution to its brands in Japan.

Diageo Kirin will be 51% owned by the British spirits giant and is expected to start trading in June.

The company will develop the business strategy for Diageo brands including Smirnoff and Guinness, which will be sold in Japan by Kirin.

It will also give national marketing support to both companies and on-trade sales back-up in the Tokyo, Osaka and Nagoya metropolitan areas.

The company will also handle Diageo brands already sold by Kirin, including Captain Morgan, Gilbey's and Seagram's.

Diageo's share price rose almost 4% in early trading in London after news of the deal was made public.

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