2 Min Read (Reuters) - Australia’s Treasury Wine Estates Ltd said on Wednesday it will license A$100 million ($77 million) worth of its U.S. brands to The Wine Group as part of an ongoing overhaul of its American operations. FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray Treasury, the world’s largest listed winemaker, has been looking to shrink its low-end “commercial” U.S. portfolio after competitive pressure dragged on growth even before Chinese import tariffs and a pandemic-driven downturn in demand last year.