Shareholder support was however limited to bite-sized deals, with investors naturally gun-shy of acquisitions like the company's $2.9 billion purchase of Beringer in the US 14 years ago when it was part of Foster's and never booked a decent return. "And there is an opportunity for us to build on top of that, especially luxury and masstige portfolio where we are doing well and to accelerate that beyond just 'organic growth' and the feedback has been positive." "They have been very supportive of how quickly we have addressed getting costs out, investing in brands and really focusing on how we are going to actually build the quality of this business. "In the discussions we have had with our shareholders, and I'm talking about the top 10 to top 15 shareholders which is in excess of 50 per cent of our register, and we've talked to them a number of times now because of all the different takeover bids. ![]() Mr Clarke said his decision to try his hand at acquisitions, with Treasury Wine targeting luxury or premium wines, had won the support of shareholders at recent meetings. The accelerated cost-cutting program, combined with pouring extra funds into marketing Treasury's most prestigious brands, had already shown some success and with nascent signs of a pick-up at the luxury end of the North American wine segment it was time to go for growth, Mr Clarke said. He also said that after only four months at the helm of the world's biggest listed pure-play wine company he had already met his initial target of stripping $35 million of costs out of the business and would capture more savings this year. ![]() Mr Clarke told Fairfax Media in an exclusive interview that he had already compiled a "hit list" of acquisition targets in the US, with the deals making sense whether Treasury Wine remained in the hands of shareholders or was sold to private equity. Treasury Wine Estates chief Michael Clarke says he has the strong backing of the winemaker's biggest shareholders, as well as both private equity suitors circling the group, to embark on an acquisition campaign in the US and reverse years of drifting by the business.
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