AUSTRALIA: Southcorp will merge with Rosemount to create A$1bn wine giant - paper
The Review cites industry sources and said Rosemount is worth A$1.5bn while Southcorp has a share market capitalisation of A$3.8bn.
Southcorp has been the centre of merger speculation for the last six months and, as just-drinks.com reported last year, was the likely takeover target of the world's drinks multinationals that are looking to expand their wine portfolios.
Southcorp has been particularly vulnerable to a bid since it sold off its Asian packaging division, which left it cash heavy. The company is also in talks to dispose of its North American packaging division, which could be completed by the middle of this year.
A Southcorp/Rosemount merger would be just the latest move in a flurry of consolidation activity involving Australian wine firms. Foster's-owned Mildara Blass recently acquired the US producer Beringer while Rosemount itself entered a winemaking joint venture with Robert Mondavi the Californian industry stalwart.
A Southcorp spokeswoman declined to comment but Rosemount denied the rumours to just-drinks.com saying: "This is just speculative rumour, the Oatley family [Rosemount's owners] have been in the wine business for 30 years and will continue to be in that industry for many years to come. The family has reassured the company that this is not going to happen."
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
Diageo is to launch a new global advertising campaign for Smirnoff Ice. The first ad in the global campaign, 'Garden', launches in Great Britain on April 11th on terrestrial and satellite TV. ...
Fideuram Wargny has upgraded its rating of Pernod Ricard to 'buy' from 'hold'. Its analysts argue that the merger talks with Allied Domecq is a catalyst for share growth....
Diageo has completed another share buyback transaction....
Foster's Group has extended its Southcorp takeover offer for a third time....
Diageo's Smirnoff Signatures line of premixed cocktails is now available nationwide in the US....
Diageo is poised to cut back its presence in Germany, according to local reports....
Spanish winery Bodegas Faustino Martinez is to invest €50m to expand its manufacturing facilities and promote its Ribera del Duero and La Mancha original labels, local newspaper El Correo reported....
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