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Diageo shares rise on a $1.2 billion cost-cutting plan

The company said costs tied to the savings program will total $1.2 billion.

Reported · Written up by our desk · Europe

Diageo, the global spirits group behind brands including Johnnie Walker, Captain Morgan, and Guinness, said it has launched a cost cutting program that is expected to drive savings, CNBC Markets reported.

The plan has prompted a stock jump of about 7% as investors reacted to the companys outlook for efficiency improvements.

Diageo also estimated that costs related to implementing the savings program will amount to $1.2 billion, according to CNBCs coverage.

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