Diageo's share price won 6.50% to 1,875 pence around midday on London's FTSE 100 index of top companies, which fell 0.21% to 6,790.93 points.
Brazilian newsweekly Veja reported that the nation's richest man, billionaire Jorge Paulo Lemann, and his partners in private equity firm 3G Capital were considering a bid for Diageo.
A Diageo spokesman declined to comment on the matter.
New York-listed shares in Diageo had already leapt in value last Friday after the reports emerged and after the London market had closed for the weekend.
The company, which also makes Johnnie Walker whisky and Smirnoff vodka, is one of the world's largest producer of spirits.
Source: AFP via I-Net Bridge
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