Corporate raider John Spalvins says Treasury Wine overvalued

John Spalvins, one of Australia’s best-known corporate raiders, has sounded a note of caution as Treasury Wine Estate shares jumped almost 17 per cent to hit a record high after coming out of a halt for the institutional part of a capital raising for the acquisition of most of Diageo’s wine business. Spalvins, whose company once owned the famous Penfolds wine brand for a decade when it was part of the once-mighty Adelaide Steamship Company, which ultimately collapsed under $7 billion of debt in 1991.