Aussie winemaker Southcorp warned that less favourable customer and product mix factors had “adversely affected revenue growth” and that it had dropped its earnings forecast by 15%.

Southcorp blamed the “increasingly competitive market conditions within the global wine sector” and said it expected earnings before interest tax and amortisation to fall to A$287m for the year to June 30.

Meanwhile, BRL Hardy claimed that US company Constellation Brands $1.4bn bid for Australia’s third-placed wine maker was the best price its shareholders were likely to see for some time.

Constellation is offering $10.50 for each BRL Hardy share in a deal that would create the world’s biggest wine company under the banner of Constellation Wines.