Business Services Industry
International wine distributor to buy Napa Valley's Mondavi Corp.
Knight Ridder/Tribune Business News, November, 2004
By Dale Kasler, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News
Nov. 4--Robert Mondavi Corp., the troubled flagship of California's wine industry, agreed to be sold Wednesday to international giant Constellation Brands Inc. in a historic $1.36 billion deal.
The deal comes two weeks after Mondavi turned up its nose at a $1.3 billion offer from New York-based Constellation, the $4.47 billion-a-year behemoth. Constellation's portfolio includes tony wines like $30-per-bottle Ravenswood and cheaper products like $2.50 Wild Irish Rose.
The sales announcement also caps a tumultuous period for Mondavi, which has been hurt by "Two Buck Chuck" and other low-priced competitors, as well as by a feud pitting patriarch Robert Mondavi...
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