Deals
Treasury Wine Valued at $2.3 Billion After Foster’s Spinoff
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Treasury Wine Estates Ltd., the world’s second-largest winemaker, gained in its first day of trading, valuing the company at A$2.2 billion ($2.3 billion) after it was spun off from Foster’s Group Ltd.
Treasury rose from a starting price of A$3.21 to A$3.36 at the 4:10 p.m. close of trading in Sydney. The Melbourne-based company has about 650 million shares on issue after Foster’s investors gained one share for every three they had owned in the combined company.