Drinks giant Diageo announced the sale yesterday of its 88 per cent stake in Spanish brewer Grupo Cruzcampo to Dutch group Heineken for £570 million (€871 million).

Diageo said it would book a one-off profit from the sale of some £65 million.

Apart from Diageo, Danish brewer Carlsberg holds a 10 per cent stake in the Spanish company, with the remainder held by Spanish interests.