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Treasury Wine Slumps After A$160 Million Writedown

Treasury Wine Estates Ltd., the world’s second-largest listed wine company, fell the most since a 2011 listing after saying it would write off A$160 million ($145 million) to get rid of old and out-of-date bottles.

The writedown, greater than the company’s expected net income this year, was taken to address excess stock in the U.S., Treasury Wine’s largest division by sales, the Melbourne-based company said in a regulatory statement. The shares fell 12 percent in Sydney trading to close at A$5.11.