er's splits beer and wine operations

Foster's shareholders have approved the demerger of the Australian company's wine and beer businesses.

In a vote in Melbourne this morning, they voted overwhelmingly to create two separate businesses which will begin their new lives on May 10.

The wine division, which is already trading as Treasury Wine Estates, has a range of brands including Rosemount, Lindemans, Wolf Blass and Penfolds.

It is valued at around A$3.1 billion and has annual sales of A$1.9 billion.

The new chief of Treasury, David Dearie, has brushed off speculation that the company is planning a sell-off of its Beringer wine interests in the USA.