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BUSINESS
January 17, 2005 | From Bloomberg News
Foster's Group Ltd., Australia's biggest brewer and winemaker, today offered $1.9 billion for the rest of rival Southcorp Ltd. to gain control of top-selling Australian wine brands such as Penfolds and Rosemount. The offer by the Melbourne-based company represents the same share price it paid last week to the family interests of Robert Oatley, Rosemount's founder, for an 18.8% stake. Southcorp, based in Sydney, rejected the buyout offer as "inadequate and opportunistic."
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BUSINESS
March 9, 2005 | From Associated Press
Australian winemaker Southcorp Ltd. proposed a merger with global brewing giant Foster's Group Ltd. on Tuesday in hopes of staving off a hostile takeover bid from Foster's -- an offer that Foster's quickly rejected. Foster's, also based in Australia, said it was standing by its takeover offer to create one of the world's largest wine companies, saying it remained the best option for shareholders of both companies.
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BUSINESS
January 18, 2005 | From Bloomberg News
Foster's Group Ltd.'s 3.1- billion-Australian-dollar ($2.4-billion) hostile bid for Southcorp Ltd. is a "mistake" because it's paying too much to buy a company that's recovering from a record loss, while trying to boost earnings at its own wine unit, brokers including Merrill Lynch & Co. said. Foster's offer for Southcorp is "a poor decision, and we believe that the takeover bid isn't in the best interests of shareholders," said David Errington, an analyst with Merrill Lynch in Sydney.
BUSINESS
January 18, 2005 | From Bloomberg News
Foster's Group Ltd.'s 3.1- billion-Australian-dollar ($2.4-billion) hostile bid for Southcorp Ltd. is a "mistake" because it's paying too much to buy a company that's recovering from a record loss, while trying to boost earnings at its own wine unit, brokers including Merrill Lynch & Co. said. Foster's offer for Southcorp is "a poor decision, and we believe that the takeover bid isn't in the best interests of shareholders," said David Errington, an analyst with Merrill Lynch in Sydney.
BUSINESS
March 9, 2005 | From Associated Press
Australian winemaker Southcorp Ltd. proposed a merger with global brewing giant Foster's Group Ltd. on Tuesday in hopes of staving off a hostile takeover bid from Foster's -- an offer that Foster's quickly rejected. Foster's, also based in Australia, said it was standing by its takeover offer to create one of the world's largest wine companies, saying it remained the best option for shareholders of both companies.
BUSINESS
January 14, 2005 | From Bloomberg News
Molson Inc., whose proposed $3.4-billion merger with Adolph Coors Co. would create the world's fifth-largest brewer, increased a special shareholder dividend by 67% to counter investor opposition to the combination and a possible rival bid. Molson Class A nonvoting and Class B common shareholders, excluding Chairman Eric Molson, will receive C$5.44 ($4.53) a share, up from the previously announced dividend of C$3.26, said Sylvia Morin, a spokeswoman for the Montreal-based beer maker.
BUSINESS
March 9, 2004 | Jerry Hirsch, Times Staff Writer
Golden State Vintners Inc. said Monday that it planned to sell to a management group led by Chief Executive Jeffrey O'Neill for $96 million in the latest transaction to signal that California's $14-billion wine industry is rebounding. In the last two weeks, for example, two small Sonoma County wineries were sold to investment teams: Everett Ridge Vineyard & Winery and Topolos Winery for $2.5 million and $3.5 million, respectively. And on Monday, the U.S.
BUSINESS
January 14, 2003 | Melinda Fulmer, Times Staff Writer
A vintner from Down Under may be close to putting Constellation Brands Inc. on top, unseating E. & J. Gallo Winery of Modesto as the world's largest wine company. Constellation, based in Fairport, N.Y., said Monday that it is in talks to acquire top Australian wine producer BRL Hardy Ltd. but didn't disclose terms. If the deal is completed, Constellation would become No. 1, with about $1.7 billion in annual wine sales, eclipsing Gallo's $1.4 billion.
BUSINESS
March 28, 2003 | Melinda Fulmer, Times Staff Writer
Shares of Robert Mondavi Corp., one of California's largest winemakers, fell 6% on Thursday, a day after the company forecast a quarterly loss and said it would eliminate 10% of its workforce and introduce two low-price labels to try to reverse its sagging fortunes. The disclosures late Wednesday sent Mondavi's stock plummeting to a seven-year low of $18.53 in Nasdaq trading Thursday before it rebounded to close at $21.63, down $1.34.
BUSINESS
September 1, 2002 | MELINDA FULMER, TIMES STAFF WRITER
First came the dot-com bust, wiping out their big-spending Silicon Valley customers. Then, the sobering attacks of Sept. 11 almost brought their sales to a standstill. Even now, with a sluggish economy depressing demand and a global grape glut threatening to flood the U.S. market, California's luxury winemakers refuse to admit that the party's over.
BUSINESS
January 17, 2005 | From Bloomberg News
Foster's Group Ltd., Australia's biggest brewer and winemaker, today offered $1.9 billion for the rest of rival Southcorp Ltd. to gain control of top-selling Australian wine brands such as Penfolds and Rosemount. The offer by the Melbourne-based company represents the same share price it paid last week to the family interests of Robert Oatley, Rosemount's founder, for an 18.8% stake. Southcorp, based in Sydney, rejected the buyout offer as "inadequate and opportunistic."
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