From Peter Niederhauser, at 13. January 2011 08:44
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| Constellation Brands has begun arbitration against Ruffino partner |
Constellation Brands is locked in a dispute over the ownership of Italian wine group Ruffino.
The majority shareholder in Ruffino, the Folonari family, is attempting to exercise its right to sell up to Constellation in return for up to EUR55m (US$71m), but the US-based wine group is disputing the move. Constellation has a 49.9% stake in the 134-year-old Chianti winemaker, while the other 51.1% is family-owned.
When Constellation acquired a stake in Ruffino in 2004, it signed a deal enabling the two other remaining shareholders in the company to ‘put’ their stakes to Constellation for an agreed price at any point during calendar 2010.
In May last year, the California-based wine giant bought out one of the shareholders for EUR23.5m, increasing its stake by 9.9% to the current 49.9% level. In December, the remaining shareholder also signalled its wish to sell up to Constellation.
From Markus Schmidli, at 13. January 2011 08:44
By: Chris Mercer – The organisers of the world’s largest wine exhibition, Vinexpo, have refuted suggestions that the global wine sector is facing a crisis of confidence as big companies look to dispose of assets.
Vinexpo’s chief executive, Robert Beynat, used projected sales growth in both volume and value to argue that the world wine sector remains in good health.
The figures, released today (12 January), come amid a series of asset sales in the wine world. Constellation Brands has agreed to offload its UK and Australian
From Sigi Hiss, at 13. January 2011 08:44
by David Furer- Relics of the earliest known winery have been discovered in a cave located in Armenia’s mountainous Yeghegnadzor region.
Dating to 6,100 years ago, the site includes a pressing vat, fermentation jars, a cup, drinking bowls, and the remains of crushed grapes, leaves and vines from Vitis vinifera.
From Nadia Schmidli, at 13. January 2011 08:44
by Richard Woodard- Twenty percent of vineyards in New Zealand will be farmed organically or biodynamically by 2020, according to a new target set by Organic Winegrowers New Zealand (OWNZ).
The area of the country’s vineyards under organic certification has tripled over the past three years, but so far only 1,500 hectares of vines in 115 vineyards are managed organically – 4.5% of New Zealand’s total.
From Marcel Merz, at 13. January 2011 08:44
by David Furer – Veteran winemaker Yiannis Boutaris has been sworn in as mayor of the Greek city of Thessaloniki – the country’s first socialist-backed mayor in 24 years. Boutaris assumed mayoral duties of Greece’s economically-troubled second-largest city on 1 January 2011.
The 69-year-old, a native of Thessaloniki, founded northern Greece’s Kir-Yianni winery in 1997 after leaving the family’s Boutari winery as a result of a split with his brother.
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