Diageo does not intend to sell its beer brand Guinness or its stake in Moet Hennessey, the spirits maker said on Sunday.
On Friday, Bloomberg News reported that the company was exploring options for selling or spinning off Guinness, a star performer in Diageo’s portfolio, as well as reviewing its investment in Moet Hennessey, LVMH’s drinks unit.
The report said that Guinness could be worth more than $10 billion.
In a statement, Diageo said, “We note the recent media speculation around the Guinness brand and our stake in Moet Hennessey and we can confirm we have no intention to sell either.”
The company also said it would provide further updates on its business with the interim results on 4 February.
Guinness is an outlier in Diageo’s business, which consists mostly of spirits rather than beer, but its performance recently has outshone other key liquor labels, such as Johnnie Walker whiskey.
Spirits sales have struggled following a post-pandemic boom in demand for more expensive liquor went into reverse.
Meanwhile, Guinness sales have grown by double digits every year since 2021, with its zero-alcohol version also surging.
Read More: Guinness Shortage Gives Murphy’s Stout 600% Boost – Fortune
