AUSTRALIA: Southcorp/Rosemount talks "stall over price"
Disparate views on the value of Rosemount Estate Wines are believed to have stalled negotiations between the family-owned winery and Southcorp wines.
Reports in the Australian press today said Southcorp, widely believed to be bidding for Rosemount, had baulked at the asking price of $A1.5 billion. Southcorp's own valuation apparently has Rosemount tagged with a $A800m price.
The Sydney Morning Herald quoted a source as saying that the parties were still far apart on the subject of price. Negotiations have been on-going for 18 months and the source said the current spate of press reports had been "pushed by Rosemount's advisers to get the deal through".
The Foster's acquisition of Beringer Wine Estate is being seen as a benchmark. In that case, Rosemount's price is a significant premium on what Foster's paid for the US-based company.
Companies: Foster’s Group Ltd
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