The spirits giant Diageo, unable to convince the family-owned Jose Cuervo to join the company in a deal analysts say was worth around $3 billion, will look elsewhere to boost its presence in the ever-expanding tequila market.
Specifics detailing the nature of the negotiations are murky, but Diageo is reported to have walked away from the talks because the Beckmann family, heirs to the Cuervos, drove a hard bargain.
Analysts say Diageo is expected to put more resources into Don Julio and perhaps even U.S.-based Beam, which distributes the popular tequila brand Sauza.
Read more at The Wall Street Journal.