Australian wine company Southcorp has rejected Fosters A$1.9bn (£770m) bid for the company.

Southcorp, which owns brands such as Penfolds, Lindemans and Rosemount Estate, stated that the proposal was ‘inadequate and opportunistic’ and that the offer may ‘just be its opening bid’, according to media reports.

Speculation is now mounting that rivals may move in for a counter-bid for Southcorp. Possible interested parties include Allied Domecq, Diageo and Pernod Ricard.