Foster’s to slash wine prices

Australia’s biggest winemaker Foster’s Group will have a one-time loss of as much as €170 million at its wine unit as a glut in California prompts competitors to cut prices.

Foster’s is slashing the value of unsold stock at its Beringer Blass wine unit. About half the savings will be spent marketing brands such as Meridian and Wolf Blass to counter cheaper wine sales that led to a 28% drop in first-half wine unit profit.