Sydney

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 chief executive officer of the world's second-biggest wine company. Assets including Treasury's wineries and bottling plants "could be in someone else's hands".