Going sour on Treasury

After a $160 million write-off, analysts have savaged Treasury Wine Estates with Merrill Lynch urging David Dearie to sell the company's US business.

Treasury Wine Estates chief executive David Dearie could be forgiven for wanting to retreat to a cellar and sample some Penfolds Grange in an effort to forget a conference call this morning. Analysts vehemently criticised Dearie after he announced $160 million of provisions that centre around the company’s US business. These one-off provisions will wipe out any chance of the company making a net profit in its 2013 financial year. The stock plunged as much as 13%.

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