The man behind Treasury Wine Estates has called the company’s US venture a “nightmare from day one” urging whoever takes it over to sell it.
Australia’s Treasury Wine Estates has received a second multi-billion-dollar offer, sparking a bidding war for ownership of the troubled wine company.
InterContinental Hotels in China has dropped Australian brand Penfolds from its wine lists over fears of being embroiled in a trademark battle.
US firm Kohlberg Kravis Roberts (KKR) has raised its takeover bid offer for Treasury Wine Estates by 10%.
Penfolds is offering a discount on a wine cabinet for every six bottles of its Bin and Luxury bought as part of Treasury Wine Estate’s latest promotional drive.
Treasury Wine Estates is facing class action from its investors following an impairment of AU$19 million it made last year.
Andrew Carter, chief commercial officer for APAC & EMEA at Treasury Wine Estates has decided to leave after the wine group announced “substantial changes to its business model”.
Treasury Wine Estates has said it expects a AU$260 million impairment to its assets by the end of the year as it writes down the value of its wine business and embarks on a massive restructure.
Struggling wine group Treasury Wine Estates is to cut around 5% of its global workforce in order to invest more heavily in marketing and promoting its brands.
Troubled wine group Treasury Wine Estates has dismissed a bid from US equity firm, Kohlberg Kravis Roberts (KKR), worth just over AU$3 billion.
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