Well, darn it, they kissed and made up. After over six months of negotiations, Allied Domecq has actually accepted Lion Nathan’s offer of A$1.27 a share for its 15% stake in Banksia. I really didn’t think they would, so there has to be a bigger picture somewhere just under the horizon. Lion Nathan’s stake in Banksia will now rise to 99.1%, enabling it to acquire the remaining shares. It’s a huge bonus for Lion Nathan at the start of the year, since it can now fully incorporate its wine activities into its beer business. On an entirely separate note, last night I tasted yet another exceptional Clare riesling from 2002. McWilliams’ Clare Valley Riesling 2002 retails for around $15, yet would eat any Australian chardonnay at the price. It’s delicate and perfumed, with musky rose petal suggestions behind lime-juice and lemon. Its palate is fine, long and silky, but bursting with crystal-clear fruit and finishing fresh and zesty. Sealed with a screwtop, it’s rated 18.5, drinking best 2007-2010, or right now.
