Growing Wine Consumption Prompts Financial Manoeuvring At Magnotta

Canada's Magnotta Winery Corporation is set to delist from the country's stock exchange after the firm's founding family decided to take the company private. The family owns around 60% of the company's shares and has said it will buy the remaining 40% for US$2.90 per share - a premium of 59% on the company's closing price before the deal was announced. The purchase of the outstanding shares will cost around US$16mn and will be voted on at a shareholder meeting in January. Thanks to the high premium it is almost certain to be approved. BMI views the Canadian wine market

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