Treasury Wine Estates (TWE) has denied it has been approached by liquor giant Pernod Ricard about the potential sale of its embattled US assets.
Media reports today had suggested Pernod Ricard's acquisition of its first US winery could stoke its interest in Treasury Wine's assets in the region.
"Pursuant to the company’s disclosure policy, it does not comment on market speculation, but confirms that it has not been approached by, and is not in discussions with, Pernod Ricard," Treasury said in a market update.
Treasury shares soared in morning trade lifting by more 14 per cent to as high as $4.38.
However, by 12.15pm (AEST), shares had almost halved the gains, trading 6.77% higher at $4.10, against a benchmark index lift of 0.02%.