Diageo, the world's largest drinks company, has an additional $2.3bn (€2.6bn) for a potential acquisition spree after its advisers renegotiated the terms of the $10.4bn sale of its US foods business at the last minute.

UBS Warburg and Greenhill & Co renegotiated the terms of the sale of Pillsbury in the US to General MIlls, another US foods company. They were able to take advantage of the 16% rise in General Mills' share price since the deal was first announced 15 months ago.