Bright Food Reportedly Out Of Treasury HuntAugust 5, 2014
China’s Bright Food has reportedly taken itself out of the running to acquire Treasury Wine Estates. The Sydney Morning Herald today quoted Bright Food Group Holdings CFO Wayne McIntosh as saying that while Bright Food had eyed a potential acquisition of Treasury in the past, it’s not “actively interested in Treasury” now, given the prospect of a bidding war for the Australia-based winemaker. Bright Food, whose Australian holdings include food producers Manassen Foods, Mildura Fruit Co. and Mundella, is more interested in expanding with other food service businesses across Asia-Pacific and distribution operations in China. Bright Food had been linked to a possible play for Treasury as early as 2010.
Treasury announced yesterday that it would allow private equities KKR and Rhône Capital to conduct non-exclusive due-diligence in line with their joint A$3.4 billion ($3.2b) bid for the group. Analysts have said that offer could mark the starting point for an auction to acquire Treasury either in whole or in part, with other private equities and major global wine players like Constellation and Moët Hennessy potentially among the bidders.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.