Pernod Ricard offloads bulk of wine unit to focus on spirits

Pernod Ricard said on Wednesday it agreed to sell the majority of its wine portfolio to the owners of Australia’s Accolade Wines, disposing of a dragging division to focus on its core business of spirits.

The world’s No.2 Western spirits maker plans to sell its wine brands from Australia, New Zealand and Spain, including well-known labels like Jacobs Creek, Stoneleigh and Campo Viejo, subject to regulatory approvals. It did not disclose a price.

The move will see Pernod hone...