CIC takes Diageo stake

By Richard McGregor and Jenny Wiggins ft.com: July 20 2009 23:32

China’s sovereign wealth fund has acquired 1.1 per cent of the Diageo drinks group, giving it a stake worth £221m ($365m), in a sign of its emerging strategy to spread its investments over different global markets and asset classes.

The move by China Investment Corp, which manages $200bn of the country’s $2,132bn in foreign exchange reserves, makes the fund the UK-based groups’ ninth-largest investor.

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