Shareholders of Australia's Foster's Group Ltd voted on Friday to separate the firm's beer and wine operations, a decision that could clear the way for potential bidders for either business. The split will create Treasury Wine Estates, with A$1.9 billion ($2.1 billion) in revenues and vineyards from the Hunter Valley near Sydney to California's Napa Valley, while the new Foster's will remain Australia's largest brewer with revenues of $2.6 billion. Treasury, with brands including Beringer, Penfolds and Wolf Blass, will now rank behind Constellation as the world's second-largest wine company. Chairman David Crawford told a shareholders meeting that splitting up the company was the best way forward.
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