Shares in Treasury Wine Estates (ASX: TWE) climbed 3% to $5.17 after well-known French businessman Olivier Goudet surfaced on the Penfolds winemaker’s substantial shareholder register following a $244 million phased buy-in.
The stock touched an early high of $5.23 and trading was running hot, with about 4.7 million shares changing hands — above average volume.
Goudet has amassed a 5.05% stake, or about 41 million shares, which was worth about $205.4 million at TWE’s prior close of $5.01.
The position has been built steadily since October 7, using direct holdings and his Luxembourg-based private vehicle Platin SARL, which is also a shareholder in US-listed Swedish food group Oatly. The first disclosed purchase was 598,253 shares at $6.88 for $4.1 million, days before TWE’s FY26 earnings downgrade referencing challenges in its key US and China markets.
TWE’s investor update on October 13 triggered a sharp sell-off, and Platin’s largest one-day outlay so far came the same day — $16.1 million for 2.6 million shares — as the stake was topped up into weakness.
Goudet’s intentions have not been disclosed, but the move comes as TWE’s shares are down about 55% over the year, renewing speculation the company could again attract private equity attention.
Market watchers have also linked the buy-in to potential longer-term interests of JAB Holdings, where Goudet is an adviser and shareholder, citing his close relationship with the global consumer brands investment group.