Fund manager Blackrock buys into Treasury Wine Estates
CAMERON ENGLAND The Advertiser December 27, 2013 11:39AM
THE world's largest funds manager, Blackrock Group, has emerged as a significant shareholder in Treasury Wine Estates.
The company has amassed 32.4 million shares, giving it a 5.01 per cent stake in the Australian-based wine producer.
The move comes less than two weeks after Commonwealth Bank announced it had increased its stake from 5.82 to 7.04 per cent.
Treasury shares have had a volatile year, trading between a record high of $6.47 in May to as low as $4.30 in September on the day the company announced the sacking of chief executive David Dearie.
Mr Dearie's departure was related to the company's decision to make $160 million worth of writedowns in its US operations, which included destroying $35 million worth of wine.
The company's shares were trading 8.5c lower at $4.70
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