Treasury a target? By Dominic PowellShares in Penfolds maker Treasury Wine Estates have skyrocketed this morning after a report in UK newspapers that French winemaker Pernod Ricard may be looking to make an offer for the business.This Is Money, a finance-focused subsidiary of The Mail newspaper, reported Pernod may be mulling a $7.7 billion takeover offer for the local vintner, though the paper reported the French company may also only be interested in certain parts of Treasury’s business.Shares rocketed 11 per cent after market open following the news, though had settled in late morning trade to be up 6.7 per cent at $11.Neither Treasury nor Pernod have commented on the rumours, which claimed the offer was around $15.67 a share.Treasury has been a fairly volatile stock following China’s recent announcements of 200 per cent tariffs on Australian wines, with shares jumping 20 per cent in February after the business released a better-than-expected set of interim results.A spokesperson for Treasury Wine Estates said it “does not comment on rumor or speculation.”
TWE Price at posting:
$11.03 Sentiment: Buy Disclosure: Held
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