Constellation End Talks with Australian Vintage Limited
The talks aimed to combine Constellation's Australian and UK wine operations with the Australian producer of wine under brands including, among others, Miranda, Sunnyvale and Yaldara.
8 Apr 2010 --- Constellation Brands, Inc., the world's leading wine company, announced that it and Australian Vintage Ltd (AVL) have ended discussions for the potential combination of a portion of Constellation's Australian and U.K. wine operations with AVL.
The talks aimed to combine Constellation's Australian and UK wine operations with the Australian producer of wine under brands including, among others, Miranda, Sunnyvale and Yaldara.
Constellation's President and CEO Rob Sands said, "There were a number of goals both parties were attempting to accomplish through the combination. 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 Constellation and AVL to discontinue our discussions and focus on our respective businesses."
Constellation plans to continue to operate its Australian and U.K. businesses with a focus on achieving stronger results by increasing efficiencies, reducing costs and improving cash generation.
