If the European Union were a gaggle of toddlers, the U.K. would qualify as the imp who'd rather sit at the dinner table until midnight than eat lima beans.
U.K.-based drink-maker Diageo PLC has long been in cahoots with the European Union over (drumroll, please)... units of measurement. While most E.U. countries have agreed to use the metric system, Great Britain crosses its arms, stomps its foot, and claims its right to continue using imperial measurements.
Europe's highest court today ruled in favor of Diageo, citing the company that produces brands including Smirnoff, Guinness, Bailey's, and Tanqueray, can continue selling its liquor in bottles using traditional U.K. measurements.
Last month, the European Commission, as most parents do, finally gave up on the pouting brat at the dinner table, announcing that it would no longer pursue requiring the U.K. and Ireland to go metric by 2009.
Since the ruling, DEO shares have hit a new annual high of $91.23, surpassing its previous high of $89.64. The company's stocks have been steadily muscling forward since hitting $49.68 in August 2004. With the exception of a few days in mid-September, the stock has continued to surpass its 10-day and 20-day moving averages.
Diageo shares are currently at $90.74, up 1.96%.