Diageo does not intend to sell its beer brand Guinness or its stake in Moet Hennessy, LVMH's drinks unit, the world's top spirits makers said on Sunday.

Bloomberg reported on Friday that Diageo was reviewing its portfolio and weighing up spinning off or selling Guinness.

Diageo Plc said it doesn’t plan to sell the Guinness beer brand or its stake in Moet Hennessy, even as pressure grows on the company to find ways to revive growth.

Bloomberg News previously reported that the UK drinks company was reviewing its portfolio, with a spin-off or sale of Guinness under consideration

Shares in Diageo stood at 2,501.5p, up 4.16% on the day. The positions of the Moët Hennessy stake and of Guinness in the Diageo portfolio have periodically been the subject of market speculation. In December 2023, Axios reported Diageo was seeking to sell a clutch of assets in beer but retain Guinness, its flagship brand in that sector.

Diageo is looking to sell Ciroc vodka, once backed by Sean 'Diddy' Combs, and could look to dispose of other underperforming labels