Private equity firms KKR and TPG have begun talks on a possible joint bid for the wine business of Foster’s Group, according to a report.

Negotiations between the two private equity firms were in the early stages, the Australian Financial Review reported today (20 September). Its report comes less than two weeks after Foster’s said that it had rejected a AUD2.7bn (US$2.5bn) offer for its wine arm, Treasury Wine Estates, from an unnamed private equity group.

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