AUSTRALIA: Southcorp shares lose their shine in wake of US attacks
Southcorp's run was bound to end and in the last couple of weeks the Australian wine maker has slipped in share price from about A$8.30 to $7.58.
just-drinks revealed that Southcorp had become the world's most expensive wine play but even as the company, whose brands include the renowned Penfolds, was enjoying the status the slide had begun.
Analysts have been worried for some time about the company's US exposure (about 35% of earnings) and following the September 11 terrorist attacks and slow down in the economy Southcorp could become one of the many casualties.
Salomon Smith Barney has downgraded earnings forecasts by 2% for 2002 and 2003 as a result.
Meanwhile rumours about BRL Hardy's future continue to do the rounds spurred by the low level of the Australian dollar. The Australian Financial Review reports that Allied Domecq chief executive Philip Bowman was in the country two weeks ago before hopping the Tasman to oversee his new NZ$1bn acquisition, Montana Wines. Industry followers are wondering if he could be tempted to splash out again on BRL before it gets too expensive?
Market for Wine 2001
As Pernod Ricard, Allied Domecq and Fortune Brands close in on the biggest drinks industry deal since the sale of Seagram, opinion about how the deal will be structured and who stands to win and lose ...
Cautious optimism is probably the best way to describe today's press reaction to Pernod's friendly bid for Allied Domecq....
Spirits firm Allied Domecq has agreed to a takeover bid from smaller rival Pernod Ricard, subject to agreement from Allied shareholders....
Allied Domecq last night accepted Pernod Ricard's offer to buy the UK-based drinks giant....
Allied Domecq today delivered a 7% increase in first half group profits before tax to £285m. Earnings per share were up 7% to 19.2p, turnover that was flat at £1,700m....
Drinks producer and distributor Todhunter International has said that its controlling shareholder, CL Financial, is interested in acquiring some of the brands of Allied Domecq that may become availabl...
Pernod Ricard has had its rating raised....
Allied Domecq has added a new flavour to its Malibu range. The company said yesterday that it would be launching Malibu Passion Fruit in the US from April 15....
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