Distillery giant Diageo sells Argentine wine interests

Diageo, which ranks as Scotland’s biggest whisky distiller with brands including Johnnie Walker, has offloaded more of its wine assets after deciding earlier this year that wine was “no longer core”.

The spirits giant said it had agreed the sale of its Argentine wine interests, including the Navarro Correas and San Telmo brands and vineyards, to local firm Grupo Peñaflor and also appointed it as dedicated distributor for its spirits brands.

Sale proceeds, which are described as “not material”, have not been disclosed.

"The appointment of a dedicated distributor in Argentina will strengthen Diageo's route to market and is expected to accelerate the performance of Diageo's brands there," the company said.