Whyte and Mackay's is sold for 430m

ONE of Scotland's best-loved whisky brands has been traded between two companies in the Far East.

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Indian owners United Spirits Ltd have agreed to sell the Glasgow-founded Whyte & Mackay to Emperador Inc in~ the Philippines for £430million.

Whyte & Mackay was founded on the docks of Glasgow in 1844. The company has headquarters in St Vincent Street.

United Spirits is being forced to sell Whyte & Mackay after drinks firm Diageo Plc made a move to buy a controlling stake in the company.

The British comp-etition authority said Diageo's Bell's whisky competes with Whyte & Mackay's own-label and branded whisky.

They fear that, if Diageo took a stake in United Spirits, it may lead to "a substantial lessening" in competition.

In April, Diageo launched a bid to nearly double its stake in United Spirits to 54.8%.

United Spirits, which acquired Whyte & Mackay seven years ago for £595m, said the sale of the company was subject to regulatory approvals in India and Britain, as well as from the Reserve Bank of India.

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