DB Group tries to find partner for its Corbans Wines division

Thursday 20th April 2000

Brewer DB Group put out its next hit list for its corporate restructure this week and it includes finding a partner for its Corbans Wines division.

Group managing director Brian Blake said DB was turning to its core businesses of wine and beer and looking to maximise their potential value to shareholders.

"Over the next six months we intend identifying a strategic partner for Corbans Wines; completing the disestablishment of the DB Group head office and establishing new support services in the two core businesses; and finalising the future focus of the Liquorland franchise."

He said DB Group needed a partner to help take Corbans to its next stage of development.

"A strategic partner is being sought to enhance the company's international/ commercial expertise in order to maximise the potential value of Corbans, thereby maximising shareholder value."

Asia Pacific Breweries, which earlier this year attempted to take over the company, managed to lift its 66% shareholding to only 73% after many shareholders screwed up their noses at the $2.80 share buyback offer.

It had been keen to divest its Corbans Wines shareholding.

Mr Blake said a shortlist of potential partners for the wine division had been drawn up and negotiations were currently taking place.

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