Constellation in Talks to Sell Wine Assets to Aussie Counterparts

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AUSTRALIA – The world’s biggest winemaker, Constellation Brands Inc., is contemplating selling some of its assets to Australian Vintage Ltd. for a “substantial” stake of equity in the latter’s wine.

An article on Bloomberg.com reveals that the potential move is the result of Constellation’s attempt to reduce debt through selling some of its Aussie vineyards. “The Australian wine industry is facing unprecedented negative operating conditions,” Constellation CEO Rob Sands is quoted as saying in the article. “This combination would create a more competitive entity better positioned to deal with the current environment.”