AUSTRALIA: Foster's not drawn on cost-cut report
Foster's Group will not be drawn on speculation that it is preparing for a A$100m writedown and A$150m in cost cuts to its wine operations. Melbourne's Herald Sun reported last week that the company is looking to cut costs as it restructures its wine business.
Foster's launched a review of its global wine business to consider everything from grape sourcing to distribution, after its Beringer Blass Wine Estates operations in the US were hit by a glut of cheap wine and the strong Australian dollar.
A Foster's spokesperson told AAP that the company would not be commenting about possible outcomes of the wine review until they were announced.
"We've told the market that it will take place before the end of June," the spokesperson told the news agency.
"Obviously, we're doing a full analysis and we'll be presenting those findings to the market."
In the group's first half results, announced in February, Beringer Blass Wine Estates' earnings before interest, tax and amortisation fell by 28.1% to A$182.4m.
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
- Diageo NA head on Trump, Millennials, Bourbon
- Has Millennial-mania drowned out elder consumers?
- Interview - Loch Lomond GTR head Andre de Almeida
- Absolut and Smirnoff's conflicting Millennial view
- Brown-Forman's H1 performance by region, brand
- Coca-Cola CEO Muhtar Kent set to stand down
- Beam Suntory opens global headquarters in Chicago
- Diageo wine assets integration head to leave TWE
- Brown-Forman's barrel sales take Scotch hit
- Absolut not "sufficiently focussed" on Millennials
- Luxury Alcoholic Drinks: The Spirit of Premiumisation
- Global gin insights - market forecasts, product innovation and consumer trends
- Global Wine Market 2016-2020
- Global Cognac insights - market forecasts, product innovation and consumer trends
- Global rum insights - market forecasts, product innovation and consumer trends