Treasury Wines' big loss eases pressure on takeover bidders

A $A101 million bottom-line loss at Treasury Wine Estates (TWE) has taken the pressure off rival private equity firms to lift their takeover bids.

The Australasian winemaker – the world’s biggest after Constellation Brands – made the loss after writing off a further $A280 million on its US wine inventory and a reassessment of earlier acquisition costs.

Underlying earnings were down 14.6% to $A184.6 million on a 1.0% rise in turnover to $A1.7 billion in the 12 months to June 30.

 

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