The current rationale is that the only good conglomerate is a busted one.

When they make an acquisition of another spirits competitor, they can leverage their infrastructure and marketing and merge central office functions. In this type of instance it can make sense to have related diversification.

Generally, the winning model has been autonomous units, having expertise close to the market, decision-making flexibility and focus to respond to market conditions.

You're talking to someone who has gone through the Mexico crisis, the Thai crisis, the Russia crisis, the Brazil crisis and the Turkey crisis. Politics has always been an investment consideration within emerging markets.

Their rationale is, once you let go, all this reporting will go in one direction, [which] they say is politically irresponsible. So, therefore, they want to stop this. They say there's no end to this: if you start reporting like this, social stability might be at stake.

He busted out. He's a good player. He gives them that 'X' factor they wouldn't have had.