The financial woes of Australia’s Southcorp wine group continue in the wake of its latest profit revision.
Ratings agency, Standard & Poor, has put it on a ratings watch for a downgrade and investors have sold its stock lower for seven consecutive days.
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Since this week’s profit downgrade, Southcorp has been the subject of critical reporting in the Australian press which has also heightened speculation of a takeover bid possibly by the Fosters Group or Britain’s Diageo. This is in spite of the 20% shareholding held by the Oatley family to which Keith Lambert, Southcorp’s chief executive, is related by marriage.
