I'd actually disagree, and I feel that it should remain...

I'd actually disagree, and I feel that it should remain within Treasury. I guess it depends on how it is done though, I'd want them to remain publicly listed and in that case I'd likely sell my TWE shares and probably buy only Penfolds. The only issue would be less diversification, I feel that as long as Penfolds remains under the Treasury umbrella it is well diversified, given it is the cheaper brands that are finding more traction in the US, not so much Penfolds. I can't see a large market for Penfolds in the US as long as consumer taste in the premium market remains focused on European brands. But who knows, things can certainly change. The US do love their Aussie products, and I should know as I'm a US citizen with plenty of family over there!