Diageo nears deal to offload Bushmills

Diageo is nearing a deal with Jose Cuervo that would give the British liquor company full ownership of Don Julio tequila in exchange for its Bushmills Irish whiskey label, the Wall Street Journal reported over the weekend.

The two sides are in advanced talks for a deal that would hand Diageo the 50% of Don Julio that it does not already own as well as a cash payment, the report stated. In return, it would hand over Bushmills to Cuervo, the paper said.

Exact terms of the expected agreement, which could be announced as soon as next week, could not be learned, it said.