Bidding war for Treasury Wine Estates

11 August, 2014

Treasury Wine Estates is at the centre of a bidding war after a second private equity group launched a £1.9 billion takeover bid for the Wolf Blass and Penfolds supplier.

The offer was made by TGP and follows a bid from US private equity giants KKR and Rhone Group earlier this month.

Treasury previously rejected a £1.7 billion takeover bid from KKR in May.

Market analyst Evan Lucas of IG Markets said: “It has been closely watched by private equity firms since it was spun out from Fosters group in 2011.

“Drinking habits globally have also seen wine moving up the list in liquor consumption, while brands such as Penfolds and Seppelt demand premium on the global stage, and that is where private equity firms see value.”

Treasury said: “The board has concluded that it is in the interests of its shareholders to engage further with this private equity investor. Therefore, subject to the negotiation of an appropriate confidentiality agreement, it will also be granted the opportunity to conduct non-exclusive due diligence.

“The proposal is subject to due diligence and conditional on a number of other matters equivalent to the previously announced proposal.”

Bookmark this

Site Search


English wine: a happy harvest for Christmas

All across England and Wales, vineyards are being harvested. Down winding country lanes come armies of welly-wearing conscripts wielding secateurs and buckets, ready to reap the rewards of our vines. Happily they come, their cheeks ruddy with pride. Half an hour later they’re crawling over muddy clods with lacerated hands, drenched in claggy juice and cold sweat, as if ploughing through an endurance race.

Click for more »
Upcoming events


Is blended Scotch overshadowed by single malt in retailers?

  • Yes
  • No
  • Don't know