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Leading drinks producer Diageo has dropped its previous objective of obtaining 50% of its revenues from emerging markets by 2015 due to flagging growth in key emerging markets.
Diageo has sold its Argentinean wine business to Grupo Peñaflor, the global drinks group announced yesterday.
Treasury Wine Estates has refused to comment on speculation that it is lining up an acquisition of Diageo’s Blossom Hill brand and the rest of its wine business.