Media reports suggested Diageo was considering asset sales to boost growth, cashing in on high demand for Guinness. View on euronews

Diageo’s share price retreated in London as the drinks’ giant denied market speculation swirling around Moët Hennessy and Guinness.

Diageo has ruled out a sale of its Guinness brand following speculation it could offload its famous stout in a bid to revive growth.

Diageo has responded to rumours that it is looking to sell its Guinness brand, stating that “no intention to sell”.

Diageo isn’t alone among distillers in getting hit by a slump in demand, and by a corresponding blow to sales and profit. The shares of rivals such as Pernod Ricard, owner of Jameson Whiskey, Absolut vodka and Beefeater gin, and Cognac producer Remy Cointreau have fallen even further as the pandemic-era boom fizzled out.

Diageo ( DEO) ADRs rose Friday after Bloomberg reported that the company was looking at a potential spinoff or sale of Guinness, which may be valued at more than $10 billion.

Diageo does not intend to sell its beer brand Guinness or its stake in Moet Hennessy, LVMH's drinks unit, the world's top spirits makers said on Sunday.

Diageo is also said to be weighing the sale of Cîroc vodka, while it has sold a series of brands in the past year including Guinness Nigeria, Safari and Cacique. The firm was also forced to abandon its efforts to sell Pimm’s after a deal failed to materialise.

Drinks maker Diageo said on Sunday that it has no intention to sell its Guinness brand or its stake in Moët Hennessy.

Reports emerged last week that the FTSE 100 firm was considering spinning out the Irish stout maker or selling it off entirely to boost growth.