A Luxembourg-based investment firm, Platin, backed by former consumer goods executive Olivier Goudet, has accelerated its acquisition of shares in Treasury Wine Estates (ASX:TWE), the owner of Penfolds, amid the company's recent struggles.
Platin and Goudet now hold a combined 5.05% stake in the company.
A substantial shareholder notice lodged with the ASX on Dec. 24 revealed that the group began building its position in early October, initially buying shares at $6.78.
Buying intensified on Dec. 17, with a nearly $10 million purchase of 2 million shares as the stock fell to $4.92 following a cautious market update.
Over the past few days, Platin and Goudet have spent $29 million to acquire a total of 41 million shares.
Goudet, born in France, previously served as CEO of baked goods investment group JAB Holdings.