Brazilian billionaire Jorge Paulo Lemann and his partners in private equity firm 3G Capital are considering a potential bid for Diageo, the world's largest producer of spirits, the Brazilian newsweekly Veja has reported.
Diageo shares closed 6.8% higher in London trade after the weekend reports.
Lemann, who is Brazil's richest man, and partners Marcel Telles and Beto Sicupira, are in the initial stages of studying a buyout offer for Diageo, Veja reported in its Radar column, without saying how it obtained the information.
The magazine did not elaborate.
Diageo produces some of the world’s leading beverage brands, including Guinness, Johnnie Walker whisky, Smirnoff vodka, Tanqueray gin and Don Julio tequila.
Lemann has embarked on a shopping spree in recent years that included buying Burger King from Diageo in 2010 and buying HJ Heinz Co in 2013 in partnership with US billionaire Warren Buffett.
Lemann is the chief investor and strategist at 3G Capital.
His equity company controlled 65% of the Brazilian beer market before embarking abroad to merge with Belgium's Interbrew in 2004 to form InBev, which bought US brewer Anheuser-Busch in 2008.
Media reports earlier this year said Diageo was already considering the possible divestment of its Gleneagles Hotel for around £200m and its wine business.