Xanadu Wines, the recently floated Western Australian maker with a market capitalisation of about $26 million, has purchased Normans Wines, itself with a market value around $13.7 million. Normans share and noteholders will swap their securities for shares in Xanadu, while Perth-based stockbroker Hartley Poynton is arranging a capital raising of $30 million to reduce Normans’ debt and to provide ongoing resources. Xanadu now expects to produce more than one million cases of wine in the year ended 2002 and anticipates a gross revenue of $65 million.
