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8/04/2010

'Super' wine companies end merger discussions

Australian Vintage Limited and Constellation Brands will not be merging. The two ‘super’ wine companies have been in discussions for several months regarding a potential merger between both their Australian and United Kingdom businesses. But Australian Vintage chairman Ian Ferrier today announced that discussions have ended, posting the update on the Australian Securities Exchange. “There were a number of goals both parties were attempting to accomplish,” he said. “Over time, it became evident that despite both parties best efforts we were not going to be successful in accomplishing all these goals. “Therefore, we mutually decided it was in the best interest of AVL and Constellation to discontinue our discussions and focus on our respective businesses. Ferrier adds Australian Vintage is in “good shape” with its lowest debt level in nine years. “We will continue to manage the business through the cycle and look at all opportunities as conditions improve,” he said.

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