Bright Food not in wine buy
Source: Agencies |
July 6, 2011, Wednesday
|
Print Edition
Print Edition
CHINA'S Bright Food Group yesterday said it was not in discussions to buy Australian wine assets, denying a media report that it was considering bidding for Australia's Treasury Wine Estates Ltd.
"Currently, we have no Australian wine acquisitions in the works," said Pan Jianjun, general manager of the firm's public relations department.
However, Pan said the Shanghai-based conglomerate could in the future consider acquiring wine assets in Australia, France, Chile and the United States to broaden its brands portfolio, which currently includes labels such as Shikumen and He Jiu.
Bloomberg News reported last Friday that Bright Food was considering making an offer for Treasury Wine Estates.
The report sent the shares of Treasury Wine Estates up 11 percent on Monday. Its shares closed down 2.2 percent yesterday.
Treasury Wine, with brands, including Penfolds, Rosemount and Beringer, was spun off by Foster's Group in May to its shareholders after the brewer failed with an expansion into wine that resulted in nearly A$3 billion (US$3.2 billion) in write-downs.
Treasury Wine, the world's second-largest wine company behind Constellation Brands, owns vineyards from Hunter Valley near Sydney to Napa Valley in California.
Bright Food has been actively looking for acquisitions overseas to cater to a rapidly growing domestic market.
"Currently, we have no Australian wine acquisitions in the works," said Pan Jianjun, general manager of the firm's public relations department.
However, Pan said the Shanghai-based conglomerate could in the future consider acquiring wine assets in Australia, France, Chile and the United States to broaden its brands portfolio, which currently includes labels such as Shikumen and He Jiu.
Bloomberg News reported last Friday that Bright Food was considering making an offer for Treasury Wine Estates.
The report sent the shares of Treasury Wine Estates up 11 percent on Monday. Its shares closed down 2.2 percent yesterday.
Treasury Wine, with brands, including Penfolds, Rosemount and Beringer, was spun off by Foster's Group in May to its shareholders after the brewer failed with an expansion into wine that resulted in nearly A$3 billion (US$3.2 billion) in write-downs.
Treasury Wine, the world's second-largest wine company behind Constellation Brands, owns vineyards from Hunter Valley near Sydney to Napa Valley in California.
Bright Food has been actively looking for acquisitions overseas to cater to a rapidly growing domestic market.
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