Constellation Brands posted a loss for its fourth quarter results due to a large impairment charge on its Australian and British wine businesses. Excluding the charge, however, earnings beat expectations as sales in Europe rose 4% and overall liquor sales jumped 26%.
On November 12th, Constellation Brands announced that they would be acquiring The wine business of Fortune Brands for $885 million. This acquisition will add 1% to Constellation's US market share, taking it up to about 20%.