Treasury Wines (ASX:TWE) not currently considering demerger

Global winemaker Treasury Wines (ASX:TWE) has denied media reports of a potential demerger.

The company says it Is not currently considering a demerger of any brands within its portfolio.

The clarification follows an article in the Australian which reported the company was investigating a demerger of its global operations into three separate businesses.

Last week Wine Australia said local wine exports slowed in the 12 months to December 2020, decreasing by 1 per cent in value to $2.89 billion. The decrease came as Chinese tariffs took their toll on exports.

Wine Australia Chief Executive Officer Andreas Clark said that despite the COVID-19 pandemic, exports hit a record year-on-year value of $3.1 billion in the 12 months ended October 2020, before recording a steep decline in the final two months of the calendar year.

Shares in Treasury Wine Estates (ASX:TWE) are trading 0.15 per cent higher at $9.98
 
Copyright 2021 – Finance News Network

Source: Finance News Network