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Treasury Wines sells four US brands for $100m
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Treasury Wine Estates has offloaded four commercial wine brands in the United States to privately-owned The Wine Group for $100 million as it accelerates a slimdown of its cheaper wine portfolio in the US.
The likelihood of the deal with The Wine Group, the second-largest wine company in the US by volume, was outlined by
Treasury Wines CEO Tim Ford.Â
Simon Schluter
The Wine Group, headquartered in California, owns more than 60 brands in the US including Franzia, Cupcake, Benziger, Concannon, Chloe and Imagery.
Treasury Wines said on Wednesday that The Wine Group would acquire the inventories associated with the brands on a progressive drawdown basis, and take over responsibility for related future bulk wine supply contracts.
Treasury Winesâ US slimdown plan gathers pace
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Treasury Wine Estates shares spiked by almost 10 per cent on Monday on yet another round of buyout rumours even though its lucrative China profits have been decimated, making it extremely difficult to value the Penfolds owner.
Shares in Treasury Wines were as high as $11.29 on Monday after the latest bout of buyout rumours from Britain, this time involving French drinks giant Pernod Ricard. The stock closed up 6.4 per cent to $10.97. The company said it âdoes not comment on rumour or speculationâ. Several weeks ago there was chatter about potential private equity fund buyout proposals pitched as high as $16 per share.