Treasury Wine Estates subject to Bright Food bid rumour

Treasury Wine Estates subject to Bright Food bid rumour

Treasury Wine Estates has seen its shares jump after a report linked China's Bright Food Group with a possible bid for the business.

Treasury Wine Estates' share price rose by almost 9% today (4 July), following the speculation. On Friday (1 July) Bloomberg reported that Bright Food is eyeing an offer for the wine group, which was demerged from Foster's Group in May.

In a note stock exchange officials in Australia, Treasury noted the speculation surrounding Bright Food, but it did not comment further.

It is not the first time that Bright Food has been linked with a possible bid for the Rosemount wine producer. Separately, last year, Foster's rejected a AUD2.5bn (US2.7bn) private equity-backed takeover bid for Treasury Wine Estates.

More recently, however, market speculation has centred on the new-look Foster's Group, following SABMiller's AUD9.5bn bid for the business.