TWE Considering Penfolds Demerger, Reducing its Commercial Biz

Dear Client: Last night Treasury Wine Estates walked analysts and shareholders through a few outcomes of the company's recent strategic review. "The review was on how we best focus on accelerating our premiumization strategy and manage our commercial business differently moving forward, given the increasing impact the trends in the commercial tier are having on our business, especially in the United States," chief Mike Clarke explained on a call last night.For starters, it's considering a demerger of its Penfolds business into a