Guinness-owner Diageo is selling the majority of its wine business to one of the world's biggest publicly-listed winemakers, Australia's Treasury Wine Estates (TWE) for $552m.

Global drinks giant Diageo has confirmed the disposal of iconic Irish whiskey brand Bushmills as part of a $400m (€320m) deal to strengthen its presence in the global tequila market.

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.