Diageo's decades-old partnership with Moet Hennessy has delivered shrinking returns and at times caused friction, adding to challenges facing new CEO Dave Lewis as he works to revive the world's biggest spirits maker. But the Moet Hennessy alliance may warrant a closer look once a turnaround takes hold. French MarketMore recently, however, Diageo's finance chief Nik Jhangiani has sought to improve relations by having dinners with Moet Hennessy leadership, the first investor said. Extricating Diageo from the wider Moet Hennessy partnership would be more complex. Diageo's interests in Moet Hennessy were worth about €4.3 billion in 2025, the filings show.