Constellation loses top spot

It was confirmed yesterday what business publications have predicted in recent weeks: that Constellation Brands is selling its Australian, South African and British wine interests to CHAMP Private Equity of Australia for approximately $230 million. With its sale of such brands as Hardys, Banrock Station, Leasingham and Kumala, Constellation loses its claim to being the world's biggest wine company in sales and volume, restoring E&J Gallo to its old position as the world's biggest wine company.

Constellation, based in upstate New York, retains Robert Mondavi, Clos du Bois, Ravenswood and other US brands, and keeps a 20% stake with CHAMP...