Guinness to Fight Ruling Against Takeover Tactics

Guinness PLC said Wednesday that it will continue to appeal a ruling that the brewer violated the Panel on Takeovers and Mergers’ code of conduct during its 1986 takeover of Distillers Co.

If the ruling is upheld, Guinness may be required to pay as much as 100 million pounds, or about $168 million, to former shareholders of Distillers, maker of Gordon’s gin and Johnnie Walker Scotch whiskey. The ruling already has been upheld by the British High Court and the Court of Appeal.

Guinness said it now plans to ask the House of Lords, Britain’s final court of appeal, to consider the regulatory body’s ruling.

The panel ruled last September that a Swiss company, Pipetec AG, acted in concert with Guinness when it bought Distillers shares during the final stages of its $4.3-billion takeover battle.

The purchase gave Guinness more than 15% of Distillers’ shares.