Spirits maker Sichuan Swellfun (600779) said Diageo Highlands Holding B.V. (DHHBV) launched a mandatory tender offer to all shareholders, excluding Sichuan Chengdu Quanxing Group, at 21.45 yuan per share, and may acquire up to 295 million shares, reports yicai.com, citing a company filing.

DHHBV had acquired a four percent stake in Quanxing Group in 2010, increasing its stake in the latter to 53 percent.

DHHBV, through Quanxing Group, currently has a 39.71 percent indirect stake in Sichuan Swellfun.

The tender offer of 295 million shares, or a 60.29 percent interest, will be valid from March 26 to April 24, and may cost the British company 6.32 billion yuan if all the shareholders of Swellfun accept the offer.

Diageo Highlands Holding B.V.(DHHBV), registered in The Netherlands with capital of 90,000 euros, is a subsidiary of Diageo Group.

Through the end of June 2011, DHHBV had total assets of 445 million pounds, net assets of 319 million pounds. It incurred a loss of 3.57 million pounds in 2011.