BlackRock sips on Penfolds

BlackRock, the mega funds manager which this week announced an exit from coal investments, has joined the share register of the producer of the iconic Australian red wine Penfolds Grange.

The company has bought 7.3 million shares worth $250 million in Australia’s leading wine producer Treasury Wine Estates (ASX: TWE) over recent weeks.

The global funds manager now owns 7.22 per cent of the Barossa Valley company, which also produces the Lindeman’s, Wolf Blass, Seppelt and Wynns Coonawarra Estate wine brands.

BlackRock stunned the investment world this week when it said it would divest its thermal coal investments, and threatened to dump company directors who fail to act on the financial risks posed by global warming.

The ongoing bushfire catastrophe gripping Australia has already destroyed more than 1,500 hectares of prime Adelaide Hills vineyards.

BlackRoack has stated that it is placing a premium of investments that demonstrate sustainability over time.

South Australia produces half Australia’s wine by volume and more than 80 per cent of the country’s premium, bottled wines.

Picture: Penfolds

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