AUS: Foster's wine spin-off surges on report of Chinese interest
AUS: Foster's wine spin-off surges on report of Chinese interest
Jul 3, 2011 6
(Reuters) - Shares in Australia's Treasury Wine Estates Ltd surged 11 percent on Monday, valuing the world's second-largest winemaker at $2.6 billion, following a report that China's Bright Food Group was considering a bid for the company.
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 in writedowns.
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