News

‘No Truth’ To Report Andrew Forrest Wants Penfolds

By Monday 26 October 2020No Comments

Hot on the heels of buying RM Williams from L Catterton for a reported $190 million, Australian mining magnate Andrew Forrest has reportedly turned his attention to Penfolds.

The Advertiser reported on Saturday that his investment firm, Tattarang, was “examining” Penfolds.

However, Alex Massey from Tattarang told WBM – Australia’s Wine Business Magazine today there was no truth to it.

“Absolutely no truth to this – simply speculation,” Alex says.

Treasury Wine Estates is looking to demerge Penfolds.

TWE chief executive Tim Ford has said that a demerger was expected to be completed by the end of next year.

Andrew “Twiggy” Forrest said after the RM Williams buyout, “Nicola and I are incredibly proud and humbled to be able to bring RM Williams back under Australian ownership.

“RM Williams is a quintessential Aussie brand with a long and proud history of high-quality Australian craftsmanship.”

RM Williams is the preferred boot for hundreds of Australian winemakers and wine executives.

Forrest is the non-executive chairman of Fortesque Metals Group. In 2017 the Financial Review Rich List reported his net worth was $6.84 billion.

Photo credit: Tattarang website (Hugh Brown).

 

Leave a Reply