Diageo has ended its months-long pursuit of the world's most famous tequila brand after failing to reach an agreement on what analysts had pegged as a $3bn deal (£1.9bn/€2.3bn).

The maker of Johnny Walker Scotch and Tanquerary gin had been attempting to wrest the famous Jose Cuervo brand from Mexio's Beckmann since at least April as part of its broader strategy to boost developing market sales by 2015.

"We believe that the future of the brand would be best delivered by aligning ownership of the brand with its route to market and I have no doubt that Diageo has the best route to market for this brand," said Diageo chief executive Paul Walsh in a statement published Tuesday. "However it has not been possible to agree a transaction which delivers value for Diageo's shareholders and therefore, by mutual agreement, we have terminated our discussions."

Diageo has completed around $3bn in deals over the past three years as it drives towards a more balanced global revenue model and paid just over 111 billion rupees ($2bn/£1.25) for a 53.4 percent stake in India's United Spirits and a foothold in the world's biggest whiskey market.

Latin American sales for the group grew by nearly 20 percent last year and the larger region, which includes the Caribbean, was responsible for around 12 percent of its total group sales.

Diageo shares fell around 1.5 percent in early London trading Monday, changing hands at 1,859 pence each. The shares have advanced more than 32 percent so far this year.