A couple of decent crossings today..
From Business Spectator last week (23/9):
Now to Treasury Wines, which by all accounts has been making a good fist of things since splitting from Foster’s, and The Australian Financial Review reports that potential buyers are taking a closer look at the business now that Foster’s has changed hands. According to the paper, a number of institutional investors were positioning themselves for a takeover with Treasury stock moving up 3.24 per cent to close at $3.50. China’s Bright Foods and US giant Constellation Brands have previously expressed their interest in the business, while private equity operator Cerberus Capital Management had a go in 2010 before the demerger of Foster’s. It is likely that all three would be keen to have a look but the catch is that their interest may not be for all of Treasury but its individual assets and brands. Constellation may be interested in the US asset, Beringer, while Bright Foods would focus on the premier brands like Penfolds. As for private equity operators, the AFR reckons they may find it hard to add extra value to the business given that Treasury is already running a pretty lean operation.
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