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twitterBrewer buys winery
Tuesday, Aug. 29, 2000 | 11:25 a.m.
THE ASSOCIATED PRESS
MELBOURNE, Australia -- Shares of Beringer Wine Estates Holdings Inc. jumped 22.6 percent today on news the company is being bought for $1.14 billion by Australia's Foster's Brewing Group Ltd.
Fosters said its purchase of the California winery will double its wine-related earnings within five years.
The deal gives Australia's leading brewer direct access to the lucrative U.S. premium wine market and complements Foster's Mildara Blass wine division.
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