AUS: Foster's vineyard sale price to fall - analyst
Foster's planned sale of 4,000 hectares of vineyards in Australia and the US will probably be executed for less than book value of $240m, according to Credit Suisse analyst Larry Gandler.
However, the sale could help reduce Australia's the long-term grape oversupply, he said, with some expectation that the Australian Government could buy larger Foster's properties in the parched Murray-Darling irrigation zone to return water to environmental purposes.
The Australian Bureau of Agricultural and Resource Economics has estimated the 2009 winegrape harvest at 1.6m tonnes, up to 14% above the 1.4-1.5m tonnes needed to satisfy domestic and export sales.
Constellation Brands' announcement that it could merge or sell parts of its UK and Australian wine business raised more questions than it answered, but the move makes sense in an operating environment...
Foster's EMEA has begun on a marketing drive for its Pink sparking rosé wine brand in the UK....
Scottish & Newcastle UK has developed a pint glass carrying alcohol unit information for its Foster's lager brand....
Coca-Cola Amatil has agreed new employment terms with its group managing director....
Foster's Group has signed a deal to offload 13 wine brands to a joint venture with Vok Beverages Pty, as part of the Australian group's strategy to streamline its troubled wine business....
The chief executive of Foster's Group has bemoaned the consumer trend to "eat out less and trade down to cheaper wines" as holding the company back in the last 12 months....
Lion Nathan yesterday (7 October) ceased to exist as a separate entity after Australia's Federal Court approved the takeover of the brewer by Japan's Kirin Holdings....
Foster's Group has sold an 862-hectare vineyard to Oatley Wines for an undisclosed sum....
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