Treasury Wine Estates has not had contact with Pernod Ricard

Treasury Wine Estates has not had contact with Pernod Ricard

Treasury Wine Estates has moved to quash speculation linking Pernod Ricard with its US wine assets.

A report in The Australian newspaper earlier today (2 May) claimed that Pernod had indicated its interest in some of Treasury's US operations, were they to become available. The Australia-headquartered company has struggled in the US, with a stock clear-out last year contributing to a 53% plunge in full-year net profits in August.

The writedown led to the departure of CEO David Dearie a month later.

However, in a market update to the Australian Stock Exchange earlier today (2 May), Treasury said it has not had any contact with Pernod. “(Treasury) confirms that it has not been approached by, and is not in discussions with, Pernod Ricard,” the statement said.

No-one was immediately available for comment at Pernod when contacted by just-drinks. Last week, the company lined up the purchase of Kenwood Vineyards in California.

Today's speculation prompted a marked rise in Treasury's share price, which at one point had leapt by 14%. The shares closed 6.5% up on today's opening price.

To read the company's statement, click here.

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