Pernod Ricard’s acceptance of a cut-price deal to offload its Lindauer wine brand serves as a warning to Foster’s Group, according to a report.

Pernod said yesterday (18 October) that it had agreed to sell New Zealand wine Lindauer and several other minor brands to Lion Nathan and Indevin for a total NZD88m (US$66m).

According to a report in today’s The Australian newspaper, the sale price was equivalent to 4.5 times Pernod’s expected earnings from the assets. It argued that this boded ill for Foster’s Group, which recently rejected an offer at more than twice that value for its Treasury Wine Estates business.

Foster’s Group is committed to deleveraging its beer business, Carlton & United Breweries, from Treasury Wine Estates by the first half of 2011.

Takeover bids are expected for both divisions and Foster’s has let it be known that it is willing to consider offers that “maximise shareholder value”.

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