Strong Australian dollar hits Foster's wine exports
Strong Australian dollar hits Foster's wine exports
Oct 21, 2010 6
Foster's says the high Australian dollar is continuing to hurt its wine exports, although prices for wine have stabilised in recent months.
In the second day of analyst briefings, Foster's said in a presentation it was aiming to improve margins in its wine business by getting consumers to trade up to more expensive wines, particularly in the US market.
Foster's rejected an offer from private equity firm Cerberus worth up to $2.7 billion for its wine business last month, but left the door open to better offers.
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