Pernod Ricard sells Lindauer

City A.M. Reporter
PERNOD Ricard has sold its Lindauer New Zealand sparkling wine brand to a consortium composed of brewer and drinks distributor Lion Nathan New Zealand and contract winemaker Indevin.

The NZ$88m (£42m) sale includes a number of other minor wine brands from Gisborne and Hawke’s Bay.

Lion Nathan produces Steinlager and Speight’s beers and distributes leading brands including Smirnoff and Bacardi in the New Zealand market.

Indevin operates wineries in Marlborough and Hawke’s Bay.

Meanwhile, elsewhere in the New Zealand wine industry, Delegat’s Wine Estate is reported to be in the process of buying out the remaining shares it doesn’t already own in Oyster Bay. It already has a 54.9 per cent stake. The sale is subject to Overseas Investment Office approval. The sale includes the sparkling brands Aquila, Bernadino, Chardon, Lindauer and Verde and seven brands in Pernod Ricard’s still wine portfolio, including Bensen Block, Corbans, Huntaway, Jackman Ridge, Riverlands, Saints and Timara. Pernod Ricard New Zealand managing director Fabian Partigliani said the company would continue in New Zealand with the Brancott Estate, Stoneleigh, Church Road, Deutz, Boundary and Triplebank brands.

Some experts speculated that the sale could make it more difficult for Fosters to offload its wine division.

Analysts have said that the company will be unwilling to accept less than its book value of around $3.1bn. Foster’s last month rejected an indicative offer from New York-based Cerberus Capital for between $2.3bn (£1.4bn) and $2.7bn.