Rumours that UK drinks colossus Diageo might buy Moët Hennessy have been reignited after parent company LVMH took a stake in luxury goods business Hermès. Speculation has resurfaced that the French company could look to offload its €12bn drinks division – which has brands including Moët, Krug, Dom Pérignon and Hennessy – in order to fund a full acquisition bid for Hermès. But LVMH denied any ambition to buy the family-owned company or to seek representation on its board, insisting that it only wanted to be a long-term shareholder in the business.