As Rumors Swirl, Treasury Says It’s Not In Talks With Pernod

Treasury Wine Estates has sought to tamp down rumors that Pernod Ricard may be interested in acquiring the group’s U.S. assets, confirming in a statement that it “has not been approached by, and is not in discussions with, Pernod Ricard.” Earlier today, a report in The Australian newspaper linking Pernod with a possible play for the troubled Australian winemaker’s U.S. business caused Treasury shares to jump nearly 15% on the Australian stock exchange before closing up 6.5%.

Earlier this month, new Treasury CEO Michael Clarke told investors that the company would explore all possible options to improve shareholder value, including a potential sale of assets. “TWE must take action to reduce overhead expenditure, reinvesting these savings back into consumer and brand marketing,” he explained. Clarke added that Treasury intends to shift focus to its luxury and “masstige” tiers, as well as reevaluate its mainstream brand stable.

After its profits were halved in its last full fiscal year (through last June), Treasury continued to face tough conditions in the six months through December, with global volume slipping 7.5% to 15.3 million cases and net sales declining 0.6% to A$811.9 million ($731m).

Tagged : Pernod Ricard, Treasury Wine Estates

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