Diageo's decades-old partnership with Moët 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 Moët Hennessy alliance may warrant a closer look once a turnaround takes hold. Moët Hennessy ultimately paid the dividend by 2021. Extricating Diageo from the wider Moët Hennessy partnership would be more complex. Diageo's interests in Moët Hennessy were worth about €4.3 billion in 2025, the filings show.