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Treasury Wine Estates goes for brand, not land

Treasury Wine Estates' Yellowglen XV Piccadilly 2004.


MANY vintners would love to own enough wine country to cover Manhattan twice over. Not Treasury Wine Estates, maker of the US$850-a-bottle Penfolds Grange.

"We don't have to own all the vineyards," said Mike Clarke, a former Coca-Cola executive who took over in March as

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