Here they ride again
Just a month after Lion Nathan abandoned (or was forced to make do with a 44% stake) its protracted take-over bid for Montana Wines in New Zealand, the brewer turned round on its heels and made offers for two medium sized South Australian wine companies, Banksia and Petaluma. Lion Nathan offered to pay A$70.6 million for Banksia and A$222 million for Petaluma. Petaluma was listed in 1993 and owns South Australian, Victorian and Western Australian wineries as well as the Argyle Winery in Oregon, USA. Banksia was listed only 10 months ago. But lo and behold, who was also buying shares in Lion Nathan’s objects of desire? Well, British drinks giant Allied Domecq. At close of trade on 5 October Allied Domecq had 15% of shares in Banksia and was still buying shares in Petaluma..
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