DIAGEO HAS SAID it has “no intention” to sell the Guinness brand.

The announcement comes after media reports that the drinks giant was considering spinning off or selling its Guinness beer business.

A spinoff would mean carving out Guinness as a separate company, rather than selling it altogether. 

On Friday, Bloomberg News reported that Diageo was also reviewing the future of its 34% stake in Moet Hennessy, the drinks division of luxury firm LVMH.

Diageo shares rose by more than 4% in London in the hours after Bloomberg reported the company’s review of its brands. 

The media reports came amid a testing period for Diageo boss Debra Crew, who has seen the company’s shares steadily decline under her leadership over the past year-and-a-half.

In November, Diageo shares hit their lowest level since 2017.

The company will deliver an earnings report early next month.

Bloomberg reported that Guinness could be valued north of $10 billion (€9.5 billion), if it looked at a possible stock market listing or gauged possible takeover interest.

However, in a statement today, a spokesperson for Diageo said: “We note the recent media speculation around the Guinness brand and our stake in Moët Hennessy and we can confirm that we have no intention to sell either.

“We will next update the market with Interim results on 4 February 2025 and we look forward to hosting our Guinness investor and analyst day on 19/20 May 2025.”

Guinness has been a key area of growth for Diageo in recent years, with the stout becoming the UK’s most popular beer in 2022, after overtaking Carling lager.

In July, the company said strong sales of Guinness, particularly in the UK, helped to drive an 18% rise in beer sales across the company.

It came as the group revealed total sales dropped for the first time in around four years, amid weaker demand for scotch and rum.

Meanwhile, Diageo has reportedly looked at the potential sale of its Pimms liqueur and Ciroc vodka brands over the past year.

Ciroc used to be backed by music mogul Sean ‘Diddy’ Combs, who is facing multiple accusations of sexual assault and other forms of abuse. 

-With additional reporting from Press Association