Diageo has no plans to divest any of its beer portfolio, despite reports to the contrary, it is understood.
On Tuesday, news website Axios reported that the drinks business was seeking to sell its beer portfolio, except flagship brand Guinness, on margin concerns.
Citing sources familiar with the world's largest spirits maker, Axios claimed the firm is looking to sell beer brands including Smithwick's, Kilkenny and Harp, based here in Ireland, and Tusker in Kenya, among others.
The reason given was that the beer brands were a margin drag on the rest of the business.
"We do not comment on market speculation," a Diageo spokesperson said in a short statement.
But it is understood that there are currently no plans to sell the brands in question.
Diageo has been successfully pursuing an "asset light" strategy in its beer production.
However, beer sales of £3.36 billion accounted for just over 14% of total sales at Diageo for the year ended June 30, whereas spirits sales contributed a mammoth 81%.
The Johnnie Walker whisky maker in November warned of a drop in first-half operating profit growth on weakness in some regions.
