The owner of one of the most popular Australian wine brands sold in the UK could be about to fall into the hands of a French predator.
Speculation is mounting that Treasury Wine Estates, distributor of the Penfolds label, has been approached about a buyout that could value it at more than £5billion.
City sources say Pernod Ricard, France’s largest drinks maker, may be interested in some or all of Treasury Wine Estates, formerly owned by brewer Foster’s.
Treasury Wine Estates is distributor of the Penfolds label
Pernod Ricard, valued at €41billion (£35billion), owns many wine and spirit brands, including Jameson Irish whiskey and Absolut vodka.
Australia has seen a surge in sales to the UK as China imposed crippling tariffs on its wine. City sources said Treasury Wine Estates had received a A$15.67-a-share offer but it is unclear if it was from Pernod Ricard or a US private equity firm.
One source had heard that Treasury Wine Estates may have already rebuffed Pernod Ricard, which could take a 30 per cent stake instead.
Pernod Ricard and Treasury Wine Estates declined to comment.
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