Guinness Ireland has won final approval from the Competition Authority for its £33 million acquisition of the 70 per cent of United Beverages Holdings it does not own. The deal follows Guinness's agreement last week to sell its 49.6 per cent stake in Cantrell & Cochrane for £270 million, one of the conditions the authority attached to the UBH takeover.

The deal went ahead despite the opposition of rival drinks groups such as Murphys and Irish Distillers. Guinness will pay £12.9 million for James Crean's 27.9 per cent stake in UBH, £8.6 million for Fyffes' 18.5 per cent and £11 million for the remaining shares controlled by the Byrne and Corcoran families.