Diageo offloads raft of US brands to focus on premium drinks

Drinks giant Diageo is offloading 19 brands including Parrot Bay rum to US firm Sazerac in a deal worth 550 million US dollars (€485m).

Diageo - which counts Smirnoff, Johnnie Walker and Guinness among its leading brands - said the move will allow it to concentrate on its premium US spirits.