The British spirits group Diageo announced that it would sell its Croft and Delaforce port and sherry brands for Euro82.5m, to a consortium comprising Gonzalez Byass and Taylor Fonseca, the Financial Times reports. Gonzalez Byass is buying the Croft sherry business and ownership of the company's Spanish assets. Taylor Fonseca has bought the port assets in Portugal, as well as the Delaforce port brand and global marketing rights to the Croft brand. Diageo said it would retain the right to market Croft Brandy. According to industry sources, a minor brand, such as Myers's, a dark rum, could also be offered for sale to help secure approval from the US Federal Trade Commission for the purchase of the Seagram drinks businesses.
