Treasury Wine Shares Sink After Flagging US, China Slowdown
A bottle of Penfolds Grange 2009 vintage, produced by Treasury Wine Estates Ltd., at the company's headquarters in Melbourne, Australia.
Photographer: Carla Gottgens/Bloomberg
Treasury Wine Estates Ltd.’s stock fell to the lowest in more than a decade after the company announced an overhaul including asset sales and cost cuts, as it tackles flagging demand in key markets.
The shares of the Penfolds producer plunged as much as 17% in Sydney, as the winemaker canceled a A$200 million ($133 million) stock buyback and said it’s reviewing planned capital investments.