Former Treasury Wine Estates boss David Dearie warns that Australian retailers Coles and Woolworths are turning the screw on the nation’s wine producers and insists the latter must consolidate to survive.
Australian brewer Foster's has posted encouraging results in its
first half report as improving performance amongst its global
brands drove strong sales growth throughout its operations.
Scottish and Newcastle has taken over the Foster's lager brand in
Europe, Turkey and the Russian Federation, after years of producing
the amber nectar in these regions under licence for the Australian
Foster's Group.
Foster's has taken a streamlined approach to 'brand Australia' on
the world wine market, announcing two wineries will be sold off as
the firm tries to realise cost-savings from its Southcorp buyout.
Southcorp has said that Foster's A$3.1 billion takeover attempt
today is "inadequate and opportunistic". But, with its beer
business stagnating and the global wine trade consolidating,
Foster's may need to get...
Foster's has bought an 18.8 percent share in Australia's third
biggest winemaker, Southcorp, preventing rival bidders from taking
it over and keeping it in Aussie hands.