AUSTRALIA: Oatleys increase Southcorp control as Oz consolidation continues
By Tony Baker | 1 June 2001
The $A1.5 billion ($US750m) deal by which Australian wine producer Southcorp acquired the Rosemount group is swiftly resulting in dominance by Rosemount's previous owners, the Oatley family. The announcement that the former head of Rosemount, Keith Lambert, will replace Tom Park as Southcorp chief executive was followed by reports that the Oatleys have increased their shareholding to 16% - from the initial 13% as part of the deal which also limited them to 19.9% for two years.
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The $A1.5 billion ($US750m) deal by which Australian wine producer Southcorp acquired the Rosemount group is swiftly resulting in dominance by Rosemount's previous owners, the Oatley family. The announcement that the former head of Rosemount, Keith Lambert, will replace Tom Park as Southcorp chief executive was followed by reports that the Oatleys have increased their shareholding to 16% - from the initial 13% as part of the deal which also limited them to 19.9% for two years.
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