What were the terms of the merger of Grand Metropolitan PLC and Guinness PLC?
Shares were exchanged on 17 December 1997 on a one for one basis with no new share certificates issued – shareholders in former Guinness and former Grand Metropolitan held the same number of shares in Diageo plc after the merger. However, on 31 January 1998, the Share Capital was reorganised. For every 1.000 old Diageo share shareholders received 0.864 New Ordinary shares and 0.136 B shares. Therefore a shareholder with 1,000 Ordinary shares would have received 864 New Ordinary shares and 136 B shares.
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