NEW ZEALAND: Corbans decision expected by end of month
The buyer of Corbans, New Zealand's second biggest wine company, is expected to be announced by the end of September.Final bids are due to be lodged this week with Corbans' parent, the DB Group, a subsidiary of Singapore-based Asia Pacific Breweries, which is part owned by Heineken.NZ's largest wine producer, the Montana Group, is tipped as the front runner following yesterday's ruling by the country's Commerce Commission that its acquisition of Corbans would not result in market dominance.Valued at more than $NZ100m, Corbans was reported by DB to have encountered difficult trading conditions last year, especially because of UK distribution problems, and is believed to have suffered further this year. A price of less than $NZ100m is now being predicted in financial circles with some speculation that it could be less than $NZ90m.Strong international interest, from wine companies and investors, was shown when Corbans was placed on the market in May.Foster's Brewing Group (Mildara Blass), Southcorp, Orlando and BRL Hardy, which has since acquired 100% ownership of NZ's third largest producer, Nobilos, were all tipped as strong bidders.But BRL Hardy is now believed to be a non-bidder, while Foster's acquisition of Beringer last week is likely to have reduced its interest. Southcorp is thought to be concentrating on a US venture after reportedly missing out on Beringer.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Most Valuable Spirits Brands in 2017 - The facts
- Most Valuable Beer Brands in 2017 - The facts
- Diageo Africa president O'Keeffe on beer & spirits
- Travel Retail needs a disruptor - Comment
- What the future looks like for Australian wine
- Diageo ready to lock horns with AB InBev in Africa
- Heineken sees Tesco pull SKUs in UK
- Fever-Tree eyes bumper NPD, pack formats for 2017
- Coca-Cola Co announces senior executive shake-up
- Heineken mulls M&A with $1.75bn notes issue
- Central and East Europe Report Package
- Global vodka insights - market forecasts, product innovation and consumer trends
- Battle of the Generations - The fight for iGen, Millennial, Gen X and Baby Boomer consumers
- Global Scotch insights - market forecasts, product innovation and consumer trends
- Spirit Market in the Top 5 European Countries to 2021 - Market Size, Development, and Forecasts