Pernod-Ricard has issued a statement about the engagement of two investment banks to engage in a strategic review of the business, which some media reports have speculated will mean a change of ownership on Pernod-Ricard’s Australia and New Zealand business before the end of the year.
In its statement addressing the media speculation, Pernod-Ricard said it regularly conducts reviews of many areas of the business and that there has been no decision made on any course of action.
The statement said: “Pernod Ricard notes the recent market rumors regarding its potential divestment of its Wine activities in Australia and New Zealand.
“Pernod Ricard regularly assesses and evaluates its strategic opportunities and is continuously exploring options, including divestments or the streamlining of some or part of individual business units.
“This is a usual process in line with management’s mission of delivering value to shareholders, employees, clients and stakeholders.
“Pernod Ricard nonetheless highlights that, at this stage, no decision has been made regarding any particular action.”
The AFR speculated that Pernod-Ricard was aiming to offload the Australia and New Zealand wine business, with Jacob’s Creek arguably the most attractive brand, which also includes St Hugo, Stoneleigh, George Wyndham and Brancott Estate.
According to the AFR, Morgan Stanley and JP Morgan have been engaged by Pernod-Ricard to conduct the review, the same two banks used by the business when it previously tried to sell its wine brands in 2019.
