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AUSTRALIA: McGuigan denies stake sale to Gallo

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The Australian winemaker McGuigan Simeon Wines has denied speculation that the US wine giant E&J Gallo was to buy a significant shareholding in the company.

The media had been speculating that McGuigan Simeon's chief executive Brian McGuigan was going to sell half his 10.6% shareholding to Gallo.

The Australian company has a long-term contract to supply packaged Australian wine to E. & J. Gallo.

However, in a statement McGuigan said he "had no proposal to sell any of his shareholding". The reports also claimed that McGuigan was expected to resign from his position in the next year or so and take on a marketing role with the company.

But again this was denied.

"I am very excited about the prospects of this company and am thoroughly committed to its success and maintaining my role as managing director of the company," he said.

McGuigan's wine company based in New South Wales merged with the South Australian bulk wine maker Simeon last year to become Australia's fifth largest wine maker.

The wine supplied by McGuigan Simeon is marketed under Gallo's Black Swan label in the US.


Companies: E&J Gallo

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