Diageo accused LVMH of not paying dividends of 181 million euros

News

Diageo accused LVMH of not paying dividends of 181 million euros

11.08.2020 News

The world’s largest producer of alcohol, the British Diageo has initiated arbitration proceedings with the French luxury goods manufacturer LVMH Moet Hennessy – Louis Vuitton SA due to non-payment of dividends in the amount of 181 million euros in 2019.

Diageo owns 34% in the joint venture with LVMH for the production of alcoholic beverages Moet Hennessy.

The report for the fiscal year ended on June 30, Diageo said that non-payment of dividends is a violation of the partnership agreement with the French company.

According to an informed source in the Financial Times, Moet Hennessy initially intended to pay dividends for 2019, however, changed its mind due to the pandemic impact on the company’s business. This decision was approved by LVMH, which is the majority shareholder of Moet Hennessy.

LVMH in June announced a reduction in final dividends for 2019 to 2.6 euros from 4 euros per share a year earlier. Last year, the company received a record revenue of 53.7 billion euros.

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