June 8, 2004 |
Foster's Group Ltd., Australia's biggest winemaker, will write down the value of its wine unit by as much as $212 million as a glut in California prompts competitors to cut prices to as low as $1.99 a bottle. The company will cut costs at its Beringer Blass wine business, Melbourne-based Foster's said. About half the cost savings will be invested on marketing brands such as Meridian, Wolf Blass and Yellowglen to help combat the emergence of so called extreme-value labels.
August 29, 2000 |
Signaling the start of what could be major consolidation in the premium-wine business, Australia's largest brewer, Melbourne-based Foster's Brewing Group Ltd., has agreed to buy Beringer Wine Estates Holdings Inc. of Napa, Calif., for $1.5 billion in cash and the assumption of debt. It would be the largest marriage, so far, in California's rapidly growing wine industry, which, faced with static domestic consumption and a swelling supply of grapes, is seeking to tap new international markets.
December 11, 1995 |
Foster's Seeks Wine Company: Foster's Brewing Group Ltd., Australia's largest brewer, said it will make a $355-million takeover bid for wine producer Mildara Blass Ltd. Foster's said the bid will be conditional on its becoming entitled to 90% of Mildara's shares. Melbourne-based Mildara, which has subsidiaries in the U.S. and New Zealand, said it will seek independent advice on the bid.